Wellington Financial LP, a Toronto based specialty finance firm, will provide a debt commitment of $24 million (U.S.) to contract management software company Exari and partnered with Beacon Equity Partners for the acquisition.
Wellington recently announced its funding which will help to complete Exari’s acquisition of Adsensa, a document intelligence solutions supplier for over 100 major insurance companies, legal, banking, commercial and regulatory organizations worldwide, according to the company’s announcement.
"When Beacon initially invested in Exari in 2008, we knew we were beginning to work with an incredible team and technology,” Beacon’s senior managing director Joe Bradley said in the announcement.
“We've watched the product flourish, both in its application, and in the breadth of clients it serves around the world,” said Bradley in a statement. “Wellington Financial's debt commitment is great validation of that growth and the position Exari has achieved in its market today.”
“We look forward to working alongside the team, and new partner in Wellington, to ensure this growth capital helps Exari exceed its aggressive goals,” Bradley said in the announcement.
“We are thrilled to welcome Adsensa to the Exari team, and are making swift work of ensuring our combined, robust platform helps us grow stronger and faster,” said Exari CEO Bill Hewitt in a statement.
Wellington, which currently manages a $900 million investment program, is managed by the Clairvest Group Inc.