LOS ANGELES, Nov. 18, 2020 /PRNewswire/ -- MUFG Union Bank today announced that its Commercial Banking group acted as lead arranger for a recapitalization for software company NetMotion, optimizing the company's debt financing. NetMotion is a portfolio company of The Carlyle Group.
"With this transaction, we are pleased to deepen our relationship with NetMotion and help them continue their growth trajectory both in the U.S. and abroad," said Bita Ardalan, Head of Commercial Banking for Union Bank. "Our dedicated Equity Sponsor Finance and Technology teams take the time to evaluate and truly understand each client's business, enabling us to meet the needs of our most sophisticated clients who require deep industry expertise, a high level of service and solutions specifically tailored to their unique business objectives."
Earlier this year, to meet increased client demand, the MUFG Union Bank Commercial Banking division created a Specialized Industries Group, led by Managing Director and Market President Adam Feit, to deepen its coverage in a number of industry verticals, including Equity Sponsor Finance, Technology and Healthcare.
"NetMotion has enjoyed double-digit growth for the last few years, in both our domestic and international markets. This year, our topline growth accelerated even further, particularly since launching a groundbreaking new platform that caters to the productivity and security needs of today's agile, remote workforce," said Christopher Kenessey, CEO and President of NetMotion. "Working with Union Bank as our trusted partner, we have the freedom and confidence to continue investing in cutting-edge solutions that will allow us to expand our customer base exponentially and in a sustainable fashion."
The MUFG Union Bank Commercial Banking group is dedicated to providing high-touch, reliable financial solutions with specialized industry knowledge to middle-market companies and financial sponsors. With a proven track record in providing debt financing and capital markets capabilities, the Commercial Banking group offers clients access to a worldwide network of financial professionals and services, as well as strategic insights into global economic trends, social customs and trade practices as part of the MUFG platform.
About MUFG Union Bank, N.A. As of September 30, 2020, MUFG Union Bank, N.A. operated 348 branches, consisting primarily of retail banking branches in the West Coast states, along with commercial branches in Texas, Illinois, New York, and Georgia. We provide a wide spectrum of corporate, commercial, and retail banking and wealth management solutions to meet the needs of our clients. We also offer an extensive portfolio of value-added solutions for clients, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $132.5 billion, as of September 30, 2020, MUFG Union Bank has strong capital reserves, credit ratings, and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world's largest financial institutions with total assets of approximately ¥348.4 trillion (JPY) or $3.3 trillion (USD)¹, as of September 30, 2020. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company, and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
1 Exchange rate of 1 USD=¥105.8 (JPY) as of September 30, 2020
About NetMotion Software NetMotion provides security solutions for millions of devices deployed around the world, including 7 of the 10 largest airlines, 85% of US public safety agencies, and a variety of other major organizations ranging from utilities and healthcare to logistics and legal sectors. Customers choose the NetMotion platform for its powerful software-defined perimeter (SDP / ZTNA), experience monitoring and mobile-first enterprise VPN functionality. These solutions stand out for their ability to actively improve the employee experience, validated by a satisfaction rating of 97% and an NPS of 91. NetMotion is headquartered in Seattle, with offices in Victoria, Chicago, London, Tokyo, Sydney and Frankfurt. The company is headquartered in Seattle, Washington. Visit www.netmotionsoftware.com or follow NetMotion on Twitter @NetMotion.