Members Only receives a capital infusion with a DC CAPCO investment.
Friday, July 30, 2010
(Members Only Software, Inc.)
Members Only Software Inc today signed on a
significant round of financing to support the
development of our next generation
browser-based software applications. The
investment, made by Wilshire DC Partners, LLC,
and Newtek Business Services Inc, will provide
us with resources to build these new
applications while we continue to support our
existing products and users. "User-funded
development has been great for the development
of a feature set that serves the need of our
clients. But we realized we'd need external
funding to move to tomorrow's computing
platforms, and this relationship will move us a
long way towards that goal", according to
Members Only Software president Michael
Stein.
The investment was made under the
auspices of the District of Columbia CAPCO
program, a program designed to make $50 million
of additional capital resources available as
debt and/or equity investments to new and
expanding DC-based businesses. Members Only CFO
Doria Howe says "We're excited to have been
able to close this deal in today's tight
capital market. And we're grateful for the role
the DC Chamber of Commerce played in
introducing us to our new partners."
Newtek Business Services (Nasdaq:NEWT)
is one of the premier providers of business
services and
financial products to small and medium-sized
businesses throughout the
United States. Wilshire DC Partners LLC
is a wholly owned subsidiary of
Newtek.
For more
information contact Doria Howe:
doria@membersonlysoftware.com