CIBC Innovation Banking provided $5 million in working capital financing to Geoforce, a global provider of field asset tracking solutions. The company will use the funds to accelerate its product delivery and execute on its client growth strategies.
Geoforce uses proprietary hardware and software solutions to help companies in the energy, transportation and services sectors track large assets around the globe, including monitoring equipment movements and performance in field locations that may not be covered by cellular networks.
“Deep energy sector expertise led to Geoforce’s early success, and the team has demonstrated its ability to expand the company’s solutions across diverse markets,” said Charlie Kelly, managing director with CIBC Innovation Banking’s Denver office. “We’re pleased to see that major transportation, logistics and agriculture companies are coming on board as clients.”
With a new headquarters in Plano, TX, Geoforce continues to expand its global footprint, adding team members in cities across the U.S., Brazil and Australia. The company also recently completed an acquisition of Cartasite, resulting in a new product and sales team in Denver.
“We are excited to have a flexible financial partner with CIBC Innovation Banking, a team whose broad technology industry experience was instrumental to building the deal,” said James MacLean III, CEO and founder, Geoforce. “They recognized the value in our strong recurring revenue and blue chip clients, and were willing to customize a debt solution that worked for our business.”