TIMIA Capital Corporation (CVE:TCA) (OTCMKTS:TIMCF) announced Thursday it will invest $3 million in US-based software company TransitScreen Inc.
The Vancouver, British Columbia-based specialty financier of recurring-revenue software firms has already advanced $1 million to TransitScreen and will provide the additional $2 million “upon certain milestones being met over the term of the agreement,” the company said in a statement.
TIMIA did not spell out the specific terms nor the length of the financing agreement with privately held TransitScreen, which is based in Washington, D.C.
“TransitScreen has built a capital efficient business with great customer and revenue growth,' said TIMIA CIO Greg Smith. “They see the value of retaining ownership of their destiny and we're happy to provide flexible and non-dilutive capital that meets their needs.”
TransitScreen’s geo-location technology helps users track their buses, trains and rideshares all with one platform. TransitScreen CEO Matt Caywood said TIMIA is “an innovative investor” and “the right fit for our high-growth, revenue-generating business.”
TIMIA’s stock was unchanged at US$0.16 in Canada.
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