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MediaValet Announces $7M Revolving Senior Credit Facility

3 min read

MediaValet News Release

Vancouver, BC – January 18th, 2022 - MediaValet Inc. (TSX:MVP) (the Company), a leading provider of enterprise digital asset management and creative operations software, is pleased to announce it has entered into a new credit facility pursuant to the terms of a credit agreement entered into between the Company and TD Bank Group that provides for a $7 million senior secured revolving operating line (the "Credit Facility"). The Credit Facility is undrawn as of today's date.

"We are very pleased to be putting this credit facility in place and we’re grateful for the support TD has provided us since the early days of MediaValet," said David MacLaren, Founder and CEO of MediaValet. "We’ve invested heavily in our business in 2021, doubling our operational size, in order to lay the foundation for the next stage of our growth as we continue to execute on our mission to be the world’s leading enterprise DAM vendor – in an industry that’s expected to grow from U.S. $4.3 billion this year to U.S. $10 billion by 20261. We now have an operating line that will grow in step with our annual recurring revenue (ARR) and ensure we have ample growth funding for future years."

"The Credit Facility will provide us with a capital efficient way to optimize our working capital and the ability to retain our flexibility," said Dave Miller, MediaValet’s Chief Financial Officer. "This strengthens our financial position, adding access to $7 million in addition to the $10.3 million of Modified Working Capital2 we reported at September 30, 2021, minus $1 million that will be used to repay our senior debt. At our current size and growth trajectory, this provides us with a flexible capital solution to support our growthrequirements."

Pursuant to the Loan Agreement, the Credit Facility is secured against the assets of the Company. The Credit Facility is expected to be used by the Company to fund working capital in support of the continued growth objectives.

1 Source: Research & Markets Global DAM Market forecasts 2019 to 2026, dated: October 2021

2 Modified Working Capital is a non-IFRS measure representing the Company’s available working capital, calculated as total current assets minus accounts payable. As such, it excludes deferred revenue and current lease obligations – both of which are due and funded through future operations as opposed to incurred expenses such as those included in accounts payable.

About MediaValet Inc.
MediaValet stands at the forefront of the cloud-native, software-as-a-service, enterprise digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data center regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability; while offering the largest global footprint of any DAM solution. In addition to providing enterprise, cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Wrike,, Drupal, WordPress and many other best-in-class 3rd party applications.