LOS ANGELES, Aug. 21, 2017 /PRNewswire/ -- FastPay, a prominent financial technology company that provides lending and payment solutions to digital businesses, along with Tennenbaum Capital Partners, LLC today announced the close of an $80 million international credit facility for Videology. Videology is a leading, global converged TV and video software provider with offices across the United States, Europe, Canada, Asia and Australia.
"We, at FastPay, are excited to partner with Videology," said Jed Simon, CEO and Founder of FastPay. "I've admired Scott Ferber for years — the team at Videology is highly innovative and uniquely positioned to solve the industry's marketing challenges through its powerful unified software solution."
Videology, founded in 2007, was one of the first technology companies to bring results-driven, reservation-based video advertising software to the marketplace. Their vision of a converging, data-fueled TV and video landscape shaped their product development, and led to unique solutions for agencies, advertisers and media companies. Today, the company continues to expand and innovate along with advanced TV advertising's rapid growth trajectory.
The partnership illustrates FastPay's distinct ability to understand the financial needs of digital businesses in rapid growth sectors. FastPay's expertise in the digital media ecosystem, including its proprietary data on partners within the space, provided Videology the resources they needed to establish a flexible credit facility.
"FastPay and Tennenbaum showed a deep understanding of the evolving media ecosystem, and quickly recognized the strength of Videology's position within the advanced TV marketplace," said Scott Ferber of Videology. "The facility provides the additional liquidity we need to expand our business further and faster — so important in such a quick moving, high growth space. We are fortunate to be working with this great team."
The above collaboration allowed Videology to leverage FastPay's expertise in financing ad-tech businesses, including its advanced proprietary loan servicing platform, and Tennenbaum's experience in providing flexible structured capital solutions to high-growth companies in technology and media. Because of this combined expertise, the transaction was executed with unprecedented speed and efficiency for a credit facility of this size.
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FastPay is a financial technology platform providing credit and payment solutions to digital industries. Leveraging proprietary technology and analytics, FastPay dynamically assesses the creditworthiness of borrowers and can issue working capital loans up to $50M+. Since its inception in 2009, FastPay has originated nearly $2B in loans and has access to hundreds of millions of dollars in deployable capital from partners including Citibank, Wells Fargo, and Hitachi. Its leadership team brings decades of credit and payments experience from Green Dot Corporation, Capital One and Skrill. Headquartered in Los Angeles, FastPay has offices in San Francisco, New York, and London. For more information, please visit https://gofastpay.com.
Videology is a leading software provider for converged TV and video advertising. By simplifying big data, we empower marketers and media companies to make smarter advertising decisions to fully harness the value of their audience across screens. Our math and science-based technology enables our customers to manage, measure and optimize digital video and TV advertising to achieve the best results in the converging media landscape. Videology, Inc., is a privately-held, venture-backed company, whose investors include Catalyst Investors, Comcast Ventures, NEA, Pinnacle Ventures, and Valhalla Partners. Videology is headquartered in New York, NY, with key offices in Baltimore, Austin, Toronto, London, Paris, Madrid, Singapore, Sydney, Tokyo and sales teams across North America. For more information, please visit www.videologygroup.com.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm focused on direct lending for middle-market companies. TCP manages funds and accounts on behalf of global institutional investors. Since its founding, TCP has invested more than $18.5 billion in over 500 companies. TCP is headquartered in Los Angeles with additional offices in New York and San Francisco. For more information, please visit www.tennenbaumcapital.com and www.tcpcapital.com.