SaaS Capital Provides $2.0 Million Credit Facility to CareAnyware
Cash infusion to help home health and hospice SaaS provider to drive new product development and build out operations.
Cincinnati, OH (PRWEB) April 2, 2008 -- SaaS Capital Inc., the first specialty finance company to focus exclusively on serving the Software-as-a-Service (SaaS) market, today announced that it has provided a $2.0 million credit facility to CareAnyware, Inc.
Based in Cary, NC, CareAnyware is a Software-as-a-Service provider that develops and manages mobile and web-based applications for home health and hospice providers. CareAnyware will use the cash infusion from SaaS Capital to drive development of innovative new products and to expand its support and professional service organizations. CareAnyware leveraged its recurring revenue stream and the value of future SaaS contracts to secure the facility.
"CareAnyware is exactly the kind of company that we built SaaS Capital to serve," said Todd Gardner, chief executive officer of SaaS Capital. "CareAnyware's product is recognized as industry leading, they have a record of solid financial performance, and there is a rapidly growing demand for their services. We are pleased to be in a position to enable their future growth."
CareAnyware chose SaaS Capital's specialty financing over traditional technology lenders because the availability of the facility automatically increases as CareAnyware continues to grow its customer base. SaaS Capital also provided CareAnyware a significantly larger credit facility without a requirement for an equity infusion, and the facility was non-dilutive.
"SaaS Capital's focused approach on helping SaaS companies enabled them to immediately understand the value of our business," comments Rich Guerin, chief executive officer of CareAnyware. "As a result, we were able to very quickly put together a credit facility that leverages our existing market success and strong customer relationships to help us optimize management of our business today. The fact that the facility can grow with us as we add new customers and contracts ensures that we will have that same flexibility for the long term."
About SaaS Capital
By leveraging the predictable revenue streams and future contract values of the SaaS business model, SaaS Capital's credit facilities allow SaaS companies to accelerate future cash-flow streams to fund operations today. SaaS Capital's products are non-dilutive, provide more availability than traditional accounts receivable financing, and are structured with flexible terms to meet the unique needs of SaaS businesses. To learn more about SaaS Capital visit http://www.saas-capital.com.
About CareAnyware, Inc.
CareAnyware is a Software-as-a-Service (SaaS) provider that develops and manages mobile and web-based applications for home health and hospice providers. Its comprehensive agency management and clinical solutions can help increase efficiency and improve outcomes in all aspects of home care operations by streamlining tasks related to data entry, scheduling, clinical management, billing and reporting, and information exchange. Unlike traditional home care software implementation models, CareAnyware's easy-to-learn, web-based product is offered as a monthly service. The solution has been proven to dramatically reduce the up-front costs, time and resources required for implementation. CareAnyware is a privately held company based in the Research Triangle Park region of North Carolina. For more information about the SaaS solution, visit http://www.careanyware.com.
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