FOR IMMEDIATE RELEASE
LoadSpring Solutions Closes $6 Million Growth Equity Investment
Bank Street Capital Partners Investment to Drive Accelerated Growth Initiatives
STAMFORD, CT and WILMINGTON, MA – January 27, 2014 – Bank Street Capital Partners announced the closing of a $6 million investment in LoadSpring Solutions, the leading Cloud-based Project Management Solutions provider serving Fortune 100 companies in the Architecture, Engineering and Construction, Manufacturing, Real Estate Services, Financial, Energy and Utility, City, State and Federal Government, and Healthcare sectors.
Eric Leighton, Chief Executive Officer of LoadSpring Solutions, said, “After 14 years of building LoadSpring organically with internally generated capital, we are now poised for explosive growth enabling us to expand our market leadership. I have worked with Bank Street for over 4 years and with this investment we have aligned our market expertise with the capital to deliver innovation and exceptional value to the marketplace.”
Steve Lee, Managing Director of Bank Street Capital Partners, said, “LoadSpring is a leader in the Cloud-based Project Management Solutions market segment with its unique SpringBoard Cloud Portal that enhances the experience of using and managing multiple underlying hosted applications for the company’s customers and offers open-ended potential for growth for LoadSpring as a flexible platform for expanding the portfolio of applications under management. We’re excited to invest in a leader like Eric Leighton who has an outstanding track record of growth and a clear vision for the future of LoadSpring. Eric has assembled an outstanding team and we look forward to working with him closely.”
LoadSpring plans to use the $6 million investment to grow its sales organization and distribution channels, enhance its SpringBoard platform and product offering, and establish a European division to better support existing customers and raise the company’s prominence in the region. The company also intends to make opportunistic tuck-in acquisitions of complementary businesses.
SpringBoard, LoadSpring’s cloud platform is already a differentiated management tool in the market and a key technology asset for LoadSpring. With the planned investment, the company expects to accelerate advancements in Mobile applications and Global performance technologies; delivering a powerful and flexible solution that will help Project Management organizations realize the massive power of the cloud.
About LoadSpring Solutions
Founded in 1999, LoadSpring® is a Project Management Solutions company that is dedicated to Project Management software and the people who use it. The firm’s intuitive, user-friendly SpringBoard control panel, combined with their Professional Services Group, makes life simpler and easier for Project Managers and IT teams. These professionals see LoadSpring as specialized problem-solvers, helping them make smarter, timelier business decisions. LoadSpring supports Fortune 100 companies in industries such as: Architecture; Engineering & Construction; Manufacturing; Real Estate Services; Financial; Gas; Energy/Utilities; City, State and Federal Government; Entertainment; Healthcare and others.
About Bank Street Capital Partners
Bank Street Capital Partners makes investments in small and mid-size growth companies in the Communications, Media and Technology sectors where our capital base, industry knowledge and network of operational resources can strengthen a company’s balance sheet and enhance its prospects for growth and value creation. We invest across the capital structure from equity to debt securities with a focus on providing flexible capital solutions that enable companies and their shareholders to achieve their objectives for growth, liquidity or key strategic initiatives. BSCP is led by a senior investment team that has originated, structured and executed more than 500 financial and strategic transactions during the course of their careers.