Tourism Tech Company AudioConexus of Kingston Secures Mezzanine Financing From BDC Capital
OTTAWA, April 1, 2019—BDC Capital’s Growth and Transition Capital division recently provided mezzanine financing to AudioConexus of Kingston, Ontario. Founded in 2006, AudioConexus produces software, hardware and multilingual content for automated GPS tours and audio guides. Its products are used around the world to deliver pre-recorded commentary for vehicle- and vessel-based sightseeing tours, walking tours, and museum exhibits. Over 30 million people a year listen to audio tours powered by AudioConexus.
BDC Capital’s financing was structured to support the growth of AudioConexus while preserving its cash flow. The company is using the proceeds as working capital, namely to build inventory to fulfill orders for its new GPS-enabled, cloud-based multimedia tour system called Navilution, to support its market expansion in Europe and to round out its management team.
“Our specific focus is on enabling rich, memorable multi-language experiences tailored for sightseeing companies seeking accelerated growth and a distinctive competitive edge,” says Jonathan Stanley, President and CEO of AudioConexus. “BDC Capital’s financing gives us additional resources to drive product growth and innovation, as we scale up manufacturing and strategically build inroads into new markets.”
The transaction on BDC Capital’s side was conducted by Laura-Lee Brenneman, Director, Growth & Transition Capital, Ottawa. “AudioConexus is led by a very diligent team with deep industry experience that has managed the company’s growth carefully,” says Ms. Brenneman. “Tour operators, historical sites and museums are embracing technology to create more personalized experiences. AudioConexus is well positioned to capitalize on this trend.”
AudioConexus offers the only complete multilingual, multi-topical hardware, software and creative solution that offers adaptable, unique, five-star user experiences for ambitious, growth-oriented tour operators in local communities worldwide looking for a distinctive edge so that they can increase bookings year-round in an era of formulaic tourist experiences and short attention spans.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.