CIBC Innovation Banking funded an acquisition credit facility for Harbor Business Compliance (doing business as Harbor Compliance). Harbor Compliance is a technology company that empowers nonprofits and businesses with licensing, tax and entity management solutions. Harbor Compliance utilized the new capital to finance its acquisition of Labyrinth.
Co-founded by Mike Montali and Megan Danz in 2012 and headquartered in Lancaster, PA, Harbor Compliance has a proprietary software platform which provides workflow and business process outsourcing services. The company enables more than 25,000 nonprofits and businesses to maintain compliance in the United States. Labyrinth has similarly supported charitable organizations with fundraising registration services since its founding more than 30 years ago.
“Mike [Montali], Megan and the Harbor team have been incredibly efficient in building their business,” Charlie Kelly, U.S. technology co-head at CIBC Innovation Banking, said. “We were impressed with their operational and product strategy and are pleased to be supporting their vision for continued growth by uniting their existing client base and technology with the service team and optimized workflows at Labyrinth.”
“Labyrinth’s exceptional service model and Harbor Compliance’s technology form an integrated solution that will further simplify licensing for our clients,” Montali, who is the CEO of Harbor Compliance, said. “With CIBC Innovation Banking’s support, we are directly enabling our clients to better serve their missions.”