Hercules Provides $7 Million of Debt Financing and $250,000 of Equity to Solutionary
Hercules' debt and equity to assist Solutionary, a provider of managed security solutions, in its buyout of Pittsburgh-based VigilantMinds
PALO ALTO, Calif.--(BUSINESS WIRE)--
Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), a leading specialty finance company providing growth capital to venture capital and private equity backed technology and life science companies, today announced that on April 2, 2007, it provided $7 million of debt financing and $250,000 in equity to Solutionary, a pure play managed security service provider (MSSP).
Solutionary is a full-service security company and trusted advisor to more than 1,000 customers in North America and Europe. It is dedicated exclusively to protecting the networks and electronic assets of companies and organizations worldwide. The company's core offerings are managed security services, security assessment and compliance management, and trusted advisor security consulting services.
"This is an attractive investment for Hercules because of Solutionary's pure recurring revenue model," commented Kevin Grossman, managing director of the late-stage group at Hercules, and adding that Gartner has called the company a "visionary" within the MSSP Magic Quadrant. "Solutionary has a dynamic management team and is poised to continue its consolidation of the currently fragmented industry."
"Growth capital from Hercules' debt and equity financing assisted Solutionary in our strategic acquisition of VigilantMinds, another excellent company ranked in the Gartner MSSP Magic Quadrant. This transaction positions the company as one of the very top MSSPs in the world added," Steve Idelman, CEO of Solutionary.
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. The Company primarily finances privately-held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules' strategy is to evaluate and invest in a broad range of ventures active in technology and life science industries and to offer a full suite of growth capital products up and down the capital structure to prospective clients ranging from early-stage growth to expansion stage companies. The Company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital.
For more information, please visit www.HTGC.com. Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
About Solutionary:
Solutionary is a pure play managed security service provider (MSSP) and trusted security advisor to over 1,000 customers in North America and Europe with one of the highest client retention rates in the industry. Ranked by Gartner as a "visionary" in the MSSP Magic Quadrant, Solutionary delivers comprehensive, best-of-breed offerings for security event correlation and information management, threat prevention, device monitoring, device management, security measurement, compliance management, IT planning, security platform, and security consulting services. For more information, visit www.solutionary.com.
Forward-Looking Statements:
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
Source: Hercules Technology Growth Capital, Inc.
Released April 18, 2007