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