Accounting software pioneer FreshBooks announced this week that it has secured a USD $100 million syndicated debt facility.
The debt facility is with BMO Financial Group and JP Morgan. It arrives “at an important period of momentum for FreshBooks,” says Don Epperson, CEO of FreshBooks.
“We want to seize global growth opportunities and continue scaling our operations to support more business owners than ever before, with our easy-to-use accounting software and locally relevant integrations,” he said.
This debt facility will enable FreshBooks to “continue rapid global expansion plans,” according to a statement from the Toronto firm, including strategic acquisitions and investment into more regulated markets.
“This increase to FreshBooks’ debt facility strengthens our balance sheet and gives our team the financial flexibility to move efficiently and with confidence,” noted Michael Washinushi, Chief Financial Officer at FreshBooks.
BMO, the Sole Bookrunner and Administrative Agent, says it is “proud to continue our support of FreshBooks, a partnership that helps to drive progress for both our teams and customers.”
“FreshBooks’ mission-driven team continues to accomplish great things in service of the growing small business and self-employed market,” stated Christopher Jackson, Director of Technology & Innovation Banking Group for BMO.
Jackson, the debt facility will “boost the team’s ability to move efficiently and capture more market share around the globe.”
JP Morgan says that empowering small businesses “is a shared priority between our two companies,” and is happy to be “part of FreshBooks’ growth story.”
“We’re excited that more small businesses will be empowered to achieve their goals and dreams,” said said Richard Zeni, Relationship Executive for J.P. “J.P. Morgan is delighted to … have a role in supporting the company’s continued global expansion.”
Last August, high-momentum FreshBooks secured USD$130 million.
FreshBooks was founded in Toronto in 2003.
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