Bits in Glass Inc.
BDC understood where we were in our growth cycle. We’ve appreciated the continuity in dealing with the same team to find the right financing solutions to fund our growth. There was no heavy lifting for us!
David Hauser
Partner and Appian Practice Lead
Helping clients achieve their strategic goals through leveraging technology
About the company
Offers consulting services that help clients to identify, adopt and integrate cloud software services to manage business processes.
Location: Edmonton, Alberta
Industry: Computer systems design and related services
Entrepreneur challenge
The company was initially looking to fund its organic growth, largely by expanding into the U.S. In 2018, the firm brought on a private equity investor to buy out a retiring partner. By 2019, the owners were seeking to buy out the private equity firm and allow management to regain 100% ownership in the business.
BDC expertise
BDC Capital provided mezzanine financing to help fund the company’s organic growth. The investment was used to scale operations into the U.S. mainly through hiring software engineers and sales employees in multiple satellite offices. In 2019, BDC provided a cash flow loan and mezzanine financing to help the company buy out the private equity firm.
Results
- Achieved rapid revenue growth from $5.6M to $30M in 3 years
- Increased earnings from $500K to $3.3M in 3 years
- Nearly quadrupled team in 3 years
- Grew business value considerably
- Regained full control of business with the goal of continued value growth