N2N Services, Inc.
Company: N2N Services, Inc. (“Company”)
Financing Amount: $850,000
Financing Date: July 15, 2016
About The Company
N2N Services, Inc. (“N2N” or the “Company”) is a technology services company specifically focused on delivering high quality and affordable solutions for K-20 education. N2N Services provides a streamlined, analytics-driven integrated enterprise framework for higher education and is a direct response to today’s rapidly accelerating SaaS/cloud application integration demands spawned by a new generation of technology, business and user models. Company’s Illuminate Platform serves as the first Integration Platform as a Service (iPaaS) soluation that offers a library of pre-built APIs covering the most common data integration challenges for colleges and universities.
Situation
N2N’s value add solutions follow very closely to the seasonality of the K-20 education. As such, many traditional lenders are uncomfortable with overleveraging their portfolio companies due to this fact along with the unsteady stream of income. N2N engaged with a traditional lender that claimed a senior secured position on all the assets of the company which, unfortunately, did not allow much scalability for N2N.
Solution
Alantes secured N2N a $750K scalable accounts receivable line of credit along with a $75K working capital and growth capital term loan. The funds deployed were essential in providing capital to N2N to finance operations for the upcoming peak season, deleveraging the traditional lenders position and to securitize the current and future accounts receivable for additional liquidity. “Alantes’ expertise in traditional lending and the nuances of financing within the Small Business Administration (SBA) really aided us in the critical moment,” said N2N President Kiran Kodithala. “This facility really allows us to take advantage of the upcoming peak season for our business and grow to the next stage.”
About Alantes
Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you’re looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.
For more information on this transaction, contact Alantes Corporate Finance at info@alantes.com
Alantes Corporate Finance, LLC
401 Park Avenue South, 10th Fl
New York, NY 10016
www.alantes.com
