Western Canadian IT firm Solvera Solutions gets $3.75 million from BDC Capital to help fuel growth strategy
REGINA, April 27, 2021 – Solvera Solutions, a growing western Canadian IT services and software integration firm, has secured $3.75 million in non-dilutive financing from BDC Capital’s Growth & Transition Capital division. These funds will assist Solvera in executing a multi-year, high-growth strategy which includes the fulfillment of a contract it won recently that ranks as one of the largest in its history. In recent years, Solvera has been pursuing an aggressive growth strategy involving considerable investments in its capabilities that has produced annual revenue increases in the double digits.
BDC Capital is helping to meet the working capital requirements of Solvera’s strategy by complementing the funds provided by the company’s senior lender. Coming as a subordinated mezzanine loan, this financing has been allocated in several tranches to provide Solvera the flexibility to draw funds only when they’ll actually be used, therefore avoiding the need to carry debt longer than required. The solution was further personalized to mesh with the senior lender’s portion of the financing package.
Solvera Solutions was founded by Chief Executive Officers Reg Robinson and Jim Ostertag in 2005. “We are proud of our strong track record since the company’s inception and our contribution to the western Canadian economy and communities,” says Robinson. “We’re very pleased with our relationship with BDC Capital, which will enable Solvera to continue our growth and economic contributions in the years ahead.”
This financing was arranged by Brett Weese, Director, Growth & Transition Capital at BDC Capital in Saskatchewan. “The Solvera team have proven to be extremely capable, as demonstrated by their longstanding success in an industry which requires continuous adaptation to survive and thrive,” says Weese. “Based on Solvera’s expertise, creativity and ability to nurture deep relationships with clients, we believe they can continue to achieve sustainable growth.”
About Solvera Solutions
As a trusted leader in IT-enabled business solutions, Solvera delivers innovation and value to our clients throughout western Canada. We help our clients leverage the power of technology to achieve transformational growth and address their most challenging business issues through our Application Solutions, ServiceNow Solutions, SAP Solutions and Modern Workplace services, complemented by a complete range of Consulting Services. Visit www.solvera.ca.
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.