Wellington Financial Gives Elastic Path Software $8 million Debt Facility

By: Talha Bhatti  |   June 17th, 2013   |   Business, News, O Canada

Canadian startups and technology firms have complained that they have a hard time getting access to fresh capital to help grow their businesses. Vancouver based Elastic Path Software will not have that problem thanks to a $8 million debt facility that is being provided by Wellington Financial. According to Matt Dione, Vice President of Marketing, the money will be used to enhance the API platform the company has been developing.

 

TechVibes states that Canadian company Elastic Path is a maker of, “e-commerce software that enables businesses to monetize their goods, services and digital content across every customer touchpoint, including websites, mobile apps, smart devices, and APIs.” Elastic Path elaborates on their business and services by stating that, “Elastic Path is the leader in digital commerce technology and expertise for enterprises selling digital goods and content. Major global brands such as Google, Time Inc., and Virgin Media rely on Elastic Path to monetize digital relationships with their customers in ways that are frictionless, social, and everywhere.”

 

“The flexible software is engineered to support in-house development teams and easily integrate with existing systems. To ensure customer success, Elastic Path also provides embedded white-glove services such as implementation, support, and training.”

 

Mark McQueen, President and CEO of Wellington Financial, has happy with the new deal and stated in ta press release that, “Elastic Path’s success has been recognized on the PROFIT 100 list of Canada’s Fastest-Growing Companies for four consecutive years. With impressive customers such as Google, Pearson, Symantec, and Virgin Media, Elastic Path has developed an advanced platform that is helping hundreds of enterprises worldwide. We are proud to continue to back many of Canada’s best innovation companies.”

 
Harry Chemko, the CEO of Elastic Path, also commented on the newly acquired debt facility and said, “As digital commerce moves quickly beyond websites and mobile apps into a new era of APIs and smart devices, there is tremendous demand for technology that will help businesses keep pace. With the support of Wellington Financial, we can now accelerate our innovation as we develop the software platform for this next generation of commerce. We look forward to working with them.”

 

The rest of the industry has not over looked the Canadian firm and its innovative solutions. Along with being the owner of the owners of the world’s top ranked e-commerce blog, www.getelastic.com, the company is often asked to attend and share at industry events.

Source: TechVibes