CHICAGO, April 30, 2021 /PRNewswire/ - CIBC Innovation
Banking today announced it has extended a $12.5 million credit facility to CollegeNET,
Inc., a software provider to colleges and universities. The
credit facility will be used to further scale CollegeNET's
business.
CollegeNET, Inc. designs and builds on-demand SaaS
(Software-as-a-Service) technologies used by colleges and
universities for event and academic scheduling, recruitment and
admissions management, AI/supercomputer video interviewing
services, and electronic academic records delivery.
"Based on our new, patented StandOut technology, we can now
scale video interviewing through AI/Supercomputing to thousands of
candidates while delivering the real candidate to employers and
universities," said James Wolfston,
CollegeNET's Chief Executive Officer and Founder. "CIBC's financing
will help us accelerate our growth ambitions."
CIBC's Innovation Team specializes in providing banking services
including financing to start-up and early stage companies.
"We are pleased to have been chosen by CollegeNet for their
financing needs," said Jeremy
Epstein, Managing Director and Market Lead, CIBC US
Innovation Banking. "Our team recognizes the evolution in the
college application and interview process and we are excited to
provide this financing to support CollegeNET's further growth.
About CIBC
CIBC (NYSE: CM) (TSX: CM) is a leading North American financial
institution with 10 million personal banking, business, public
sector and institutional clients. CIBC offers a full range of
advice, solutions and services in the
United States, across Canada and around the world. In the U.S., CIBC
Bank USA provides commercial
banking, private and personal banking and small business banking
solutions and CIBC Private Wealth offers investment management,
wealth strategies and legacy planning. Visit us at cibc.com/US.
CIBC Innovation Banking delivers strategic advice, cash
management and funding to North American innovation companies at
each stage of their business cycle, from start up to IPO and
beyond. With offices in Atlanta,
Austin, Chicago, Denver, Menlo
Park, Montreal,
Reston, Toronto and Vancouver, the team has extensive experience
and a strong, collaborative approach that extends across CIBC's
commercial banking and capital markets businesses in the U.S. and
Canada.
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SOURCE CIBC Bank USA