Saturday, March 16, 2013

AccessData Receives $45M Investment From Silicon Valley Bank and Sorenson Capital

TechCrunch reports, AccessData announced that it has received a $45 million investment from Sorenson Capital Partners and Silicon Valley Bank. This funding, the company says, allows it to “reduce outside ownership and add Sorenson as a strategic, long-term partner.”

The investment consists of a $20 million equity trade from Sorenson Capital and $25 million in structured debt from Silicon Valley Bank. In today’s announcement, AccessData’s CEO Tim Leehealey explains the company’s decision for this move and argues that “by consolidating our ownership and adding a strategic partner like Sorenson Capital, while strengthening our relationship with Silicon Valley Bank, AccessData is better positioning itself to take advantage of its unique place in the market.”

“By combining AccessData’s strong market position with Sorenson Capital’s proven track record of taking companies to the next level, we believe we can accelerate growth at AccessData and deliver extensive value to shareholders and customers alike,” said Ron Mika, a co-founder and Managing Director of Sorenson Capital in a prepared statement today. “This is an exciting company and a compelling opportunity. We are anxious to see where the team can take it over the coming years.”

AccessData says it currently has about 130,000 users in law enforcement, government agencies, corporations, consultancies, and law firms around the world. The company has offices in Washington D.C., New York, Houston and San Francisco, as well as in the UK and Australia.

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