March 4, 2019 – Vancouver, BC – BasicGov Systems Inc. (“BasicGov” or the “Company”) today announced that it has entered into a 3 year, $2 million investment facility by Vancouver-based specialty finance company, TIMIA Capital Corporation (“TIMIA”) (TSX-V:TCA). The full financing amount of $2 million was advanced Friday, March 1st.
“The team at TIMIA offered a solution that was the right fit for us,” said Mike Togyi, CEO of BasicGov. “Finding flexible and non-dilutive financing solutions to help us to continue our 40%+ growth is not easy in the software as a service or SaaS sector. We look forward to partnering with TIMIA through the course of our financing facility with them.”
BasicGov has been steadily growing its portfolio of government customers across North America at both state and local levels, offering solutions for professional/occupational licensing, managing compliance of regulated objects (e.g. boiler, elevators, amusement rides) and industries (e.g. alcohol, marijuana, tobacco), as well as land management for local communities.
“We’re providing flexible growth capital and supporting the team at BasicGov to help accelerate their revenue growth,” said Greg Smith, CIO of TIMIA. “The team has done a great job of building a much needed, efficient and focused government solution built on the Salesforce.com platform. It is an honor that BasicGov chose TIMIA to support them on their path to increasing annual recurring revenue.”
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
About BasicGov Inc.
BasicGov enables Governments of all sizes to transform how they do business. BasicGov is a comprehensive cloud-based operations management platform that enables state and local governments to modernize licensing and regulation, land management, and community development operations so they can cut costs while ensuring the efficient delivery of quality services to citizens. We are proud to host critical operations for public agencies such as the Region of Peel, Orange County, New York City and US states that include Washington, Ohio, Arizona and Colorado to name a few.
Senior Manager, Marketing and Proposals
BasicGov Systems, Inc.