|
News & Events
Download:
Covarity Customer Case Study: Libro Financial Group
Join the Covarity News Distribution List
Press and Analyst Contact Information
info@covarity.com
|
 |
Press Release
Covarity Secures $3.2 Million in Venture Capital Financing
Funds expected to strengthen the company's lead in loan management software
solutions for the financial services sector
(Kitchener, Ontario, May 29, 2006)
Covarity Inc., a developer of financial services software, today announced that it has secured an additional $3.2 million in
venture capital financing. The funds will be used to expand Covarity's lead in the
commercial loan monitoring solutions market, as well as accelerate the development of
the company's financial statement data collection automation solution.
Investors in this round included GrowthWorks Canadian Fund Ltd., Tech Capital
Partners Inc., and VentureLink Diversified Balanced Fund Inc. "Covarity has had a
tremendous amount of success in providing its loan monitoring solutions to customers,
who are seeing direct improvements in commercial portfolio performance and reduced
risk," said Les Lyall, Senior Vice President, GrowthWorks. "The company has been
working closely with these customers to automate existing commercial lending process,
improving the timeliness of information and the visibility into accounts."
"Our solutions allow financial institutions to collect and analyze borrower financial
statement data electronically instead of on paper," said Rod Foster, Chief Executive
Officer, Covarity. "As a result, our customers have been able to grow their lending
portfolios while improving service to their borrowers and keeping costs in check. The
Covarity Dashboard is changing the commercial lending game, and this funding will
enable us to increase our reach in the market."
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.
Contact information:
Jacqui Murphy, +1-519-883-8656, jmurphy@techcapital.com
All company and/or product names are trademarks and/or registered trademarks of their respective owners.
###
|