NEW YORK, May 4, 2021 /PRNewswire/ -- Thentia, a
global leader in GovTech Software-as-a-Service (SaaS), announced
today it has closed a $10 million
Series B investment led by New York
City-based Spring Mountain Capital with participation from
BDC Capital. Thentia will use this equity financing to accelerate
its go-to-market strategy and grow its position across the U.S. as
the industry-leading SaaS platform for the government technology
sector.
Founded in Canada with
operations in the U.S., Thentia is on a mission to transform
government technology through best-in-class capabilities. Its
modern and elegant solution, Thentia Cloud, is revolutionizing the
way agencies manage data by bringing the entire process into the
21st century with speed, automation, ease-of-use and
best-in-class service.
This Series B financing represents Spring Mountain Capital's
first investment from its newest third fund, SMC Growth Capital
Partners III, and the firm's first-ever Canadian investment. With a
focus on providing expansion capital to companies capitalizing on
breakthrough innovations and digital transformation, Spring
Mountain Capital was quickly attracted to Thentia's robust and
innovative SaaS solution and its unrivaled ability to streamline
operations for its clients.
"Thentia provides a much-needed solution for government agencies
looking to meet the needs of their stakeholders in a way that
exceeds their digital expectations," says Jamie Weston, Managing Director, Spring Mountain
Capital. "We believe the move to Thentia Cloud will be a must for
governmental organizations wishing to administer the best user
experiences while providing deep data visibility to their own
organizations."
Weston adds that the U.S. GovTech space is lagging in digital
transformation, with many U.S. agencies relying on manual,
paper-based systems and archaic processes to manage data and
licenses. "Thentia Cloud is an incredible industry-leading solution
for government agencies and the product continues to evolve with
more robust functions and comprehensive modules," he says. "We are
thrilled to invest in Thentia and its team of visionary leaders to
help the company achieve its ambitious goals."
Also participating in the equity investment and an existing
Thentia investor is Canadian-based venture capital investor BDC
Capital. According to Sean Brownlee,
Partner of BDC Capital's Industrial, Clean and Energy Technology
(ICE) Venture Fund, "Thentia is the leading cloud-based solution
for the licensing environment and has successfully disrupted the
underserved regulatory licensing industry by delivering a
sophisticated and secure solution that can be deployed quickly and
efficiently," Brownlee says. "Thentia has assembled a world-class,
top-tier team of professionals and thought leaders in the GovTech
space, and their success is evidenced in the impressive growth
they've already achieved."
Julian Cardarelli, Thentia's
Chief Executive Officer says he is beyond pleased to welcome Spring
Mountain Capital to Thentia's team and is grateful for BDC
Capital's unwavering support. "Both SMC and BDC Capital are
exceptional partners in every sense of the word, and it's a huge
privilege to be working together. This investment positions us to
focus on expanding in the U.S. and achieving our most important
goals, including becoming the state-supported cloud-based agency
software provider across all 50 U.S. states."
Cardarelli adds, "With Spring Mountain's strong portfolio and
focus on government and enterprise technology, the firm truly
understands our ecosystem and the opportunity we have to introduce
our sophisticated SaaS product to the many government agencies in
the U.S. who rely on outmoded systems to manage their data and
licensing."
"With the support of our investors, we look forward to expanding
our portfolio of clients and providing them with first-class
technology and superior end-to-end service that will completely
modernize the way they do business."
Thentia was advised on the financing round by Blake, Cassels
& Graydon LLP.
About Thentia:
Founded in Canada, with
operations in the U.S. and trusted by agencies in North America and worldwide, Thentia was
developed by subject matter experts with a mission to transform
GovTech through best-in-class technological capabilities. Its
secure, modern and elegant solution, Thentia Cloud, is
revolutionizing the way agencies manage data and licensing by
bringing the entire process into the 21st century with
speed, automation, ease-of-use and best-in-class support. For more
information, visit: thentia.com.
About Spring Mountain Capital:
Spring Mountain Capital is a New
York-based private investment management firm that focuses
on alternative asset investing. The SMC Growth equity team focuses
on providing expansion capital to companies capitalizing on
breakthrough innovations, paradigm shifts, or fundamental market or
behavioral changes. SMC invests in two sectors of the U.S. economy
undergoing the most change and with the highest growth potential:
enterprise technology and healthcare companies. For more
information, visit: smcgrowthcapital.com.
About BDC Capital:
BDC Capital is the investment arm of BDC, the bank for Canadian
entrepreneurs. With over $3 billion
under management, BDC Capital serves as a strategic partner to the
country's most innovative firms. It offers businesses a full
spectrum of capital, from seed investments to growth equity,
supporting Canadian entrepreneurs who have the ambition to stand
out on the world stage. Visit bdc.ca/capital.
For more information or to arrange an interview, please
contact:
Carolyn Goard
PR & Media, Thentia,
T: (437) 703-1331
E: carolyn.goard@thentia.com
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