SOA Software gets $10M in venture debt financing from Wellington Financial
Los Angeles, California-based SOA Software has obtained $10 million in debt financing from Wellington Financial, a statement about the funding said.
A leader in the API Management and SOA Governance products market, the technology offered by SOA Software enables businesses to quickly grow their digital channels with APIs, fuel partner adoption, derive earnings from assets and attain agility and operational excellence in their applications and datacenters. The firm's large enterprise-focused comprehensive portfolio of secure and scalable solutions is used by big firms like the Bank of America, Pfizer and Verizon, the statement said.
SOA Software President and Chief Executive Officer Paul Gigg said in the statement, "The worldwide market for converged API and SOA solutions is growing rapidly. This financing will allow us to accelerate time to market for new products and expand our presence to address enterprise customers globally with our software and solutions."
A specialty finance company, Wellington Financial provides term, venture and amortizing loans of as much as $30 million. It is now running a $600 million investment program. Its offices are found in San Francisco, Santa Monica and Toronto. A partnership controlled by fund management and Clairvest Group Inc who have jointly provided a substantial financial investment to the Fund run Wellington Financial. Some of the biggest institutional investors, crown corporations, financial institutions and pension funds in Canada are some of its LPs, the statement said.
Wellington Financial Vice President Eric Speer said, "SOA Software provides customers with a number of market leading solutions to help manage and secure APIs across their organization. We are delighted to add another Southern California company to our expanding U.S. portfolio."
Leading venture capital firms like Redpoint Ventures, Paladin Capital Group, Palisades Ventures, Navigation Capital Partners and Draper Fisher Jurvetson are the existing investors behind SOA Software, the statement said.