Versant Funding funded a non-recourse spot factoring transaction to a Midwest-based software provider.
The software provider is in the process of completing a sale to a private equity group and required cash to meet its working capital needs until the sale is complete. The company asked Versant Funding to factor a single invoice due from a multinational food producer.
“Versant’s offering was an excellent match for this business in need of quick liquidity,” Chris Lehnes, business development officer for Versant Funding and the originator of this financing opportunity, said. “Because we are strictly focused on the quality of our client’s accounts receivable and do not underwrite their business, we were able to fund in about a week from our first conversation with management.”
