New York, NY – June 22, 2009 –New York-based Solbright, Inc., the worldwide leader in ad management solutions for online media companies, announces the closing of a significant financing from Toronto-based MMV Financial (“MMV”). Solbright’s Adsuite solution provides an integrated suite of tools to online publishers, ad networks, rep firms and mobile and video platform content providers to manage sales, inventory, trafficking, billing and reporting. Solbright is privately held.
Solbright, with offices in New York; Los Angeles; London; Baroda, India; and Sydney, Australia, has been enjoying record setting growth in sales and revenue for its Adsuite solution during the past 5 years. The funds raised in this financing will be used to expand staffing in several key areas, including client service, engineering, product development, sales and marketing.
“We are very happy to be working with MMV to fulfill our financial capital needs,” said Solbright CEO Tom Pace. “This funding will allow us to build additional functionality into the Adsuite platform, support our existing customers better and strengthen the sales initiatives we need to continue to grow our company in the coming years.”
“Solbright provides a critical component of the global internet advertising industry. MMV is delighted to be part of the company’s growth plans” noted April Young, MMV’s US Managing Director.
About Solbright Inc.
Solbright produces Adsuite, the world’s leading integrated modular workflow platform for online media companies. Adsuite integrates with one or many ad servers, and can integrate with the customer’s financial systems and other business systems to provide an integrated workflow tool to manage the entire online media operations.
Adsuite provides the tools to help online media companies manage the entire spectrum of their online media operations including proposals, insertion orders, rate cards, terms & conditions, real-time inventory management, approvals, internal and external alerts, ad trafficking, billing, revenue recognition, reporting and yield management.
Solbright is a portfolio company of Pembroke Capital. More information is available on the at www.solbright.com
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
Contacts:
For Solbright Inc.
John Nives
Senior Vice President Marketing
Solbright, Inc.
(646) 862-1161
For MMV Financial:
April Young
Senior Vice President
Managing Director – US
MMV Financial USA Inc.
(703) 397-5157