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Press Release
Covarity Secures Investment From VentureLink Group of Funds
(Kitchener, Ontario, November 3, 2003)
Covarity, a developer of credit risk management solutions for the financial services industry, today announced that it has secured $1 million in equity financing from VentureLink Diversified Balanced Fund Inc. This investment is in addition to the $2 million seed financing that Covarity received from Tech Capital Partners Inc. in March 2003.
"Covarity has identified and solved an expensive issue that has been plaguing the financial services sector for years-risk management and mitigation for small and medium sized enterprise (SME) credit products," said Jim Whitaker, Managing Director, Skylon Advisors Inc. "We are pleased to be investing in a company that has attracted industry leading clients and built a well-respected management team."
"This investment by VentureLink Diversified Balanced Fund strengthens Covarity's ability to address this emerging market," said Ron Shuttleworth, President and CEO, Covarity. "We have the resources to deliver solutions in ways that exceed our customers' expectations. These are the initial steps towards our goal of becoming a significant portfolio management solution among SME lenders worldwide."
By standardizing credit risk management practices associated with credit review, monitoring, and portfolio management, Covarity solutions significantly decrease costs for financial institutions, reduce regulatory burden, and enhance relationships with SME borrowers and bondholders.
About VenutreLink Diversified Balanced Fund Inc.
The VentureLink Group of Funds is a group of funds managed by Skylon Capital Corp. and its subsidiary, Skylon Advisors Inc. with approximately $170 million in net assets in six different funds. The VentureLink Diversified Balanced Fund has established two community small business investment funds which in turn invest in companies that are developing innovative new technologies, products or services in a diverse range of industries. More information is available at http://www.skyloncapital.com.
About Covarity Inc.
Incorporated since 2001, Covarity is the leading provider of commercial loan management software solutions. The Covarity Dashboard helps financial institutions attract new business by harnessing the internet to improve customer service, while reducing the risk and effort associated with capturing borrower financial statement data and monitoring commercial loans. Please see http://www.covarity.com for additional information.
All company and/or product names are trademarks and/or registered trademarks of their respective owners.
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