PNC

Technology Finance

Capital solutions for technology companies with recurring revenue streams

Software-as-a-Service and subscription delivery models are a proven and viable option for technology companies. They can secure long-term customer relationships and a dependable revenue stream.

The Technology Finance group at PNC Business Credit has developed capital solutions that can help meet growth and financial objectives of companies with recurring revenue. If you are a sponsor-backed enterprise software or technology-enabled company, we may be able to offer you senior debt based on the intrinsic value of established recurring revenue streams. And you will discover that we deliver solutions consistently through the cycles with a relationship-based model that takes intangibles into consideration.

Does your company fit this profile?
Does your company fit this profile
  • Highly recurring and visible revenue streams
  • Sponsor-backed
  • Traditional software, technology-enabled and business process service providers
  • Own your own IP
  • Offer mission-critical solutions
  • Hold a prominent position in the market
What is the event?
What is the event
  • Leveraged buyout
  • Growth capital
  • Recapitalization
  • Follow-on
What kind of financing are you looking for?
What kind of financing are you looking for
  • Senior secured
  • Unitranche facility (first out tranche)
  • Agency or participation

Thomas Burkes
Director of Eastern U.S. Originations
212.210.9963
thomas.burkes@pnc.com

Tommy Burkes is Director of Eastern U.S. Originations for PNC Business Credit’s Technology Finance group. He is responsible for sourcing, structuring and executing on recurring revenue credit facilities used for buyouts, leveraged recapitalizations and refinancings by enterprise software companies.

Tommy Burkes joined PNC Business Credit in 2006, first with roles in Atlanta and Toronto, providing senior debt financing to traditional industries. Prior to PNC, he was a management consultant for Bearingpoint Consulting’s World Class Finance Group, and a senior lender for SouthTrust Bank, NA (now part of Wells Fargo).

Tommy Burkes received his B.S. from Louisiana State University.

J.P. Seminario
Director of Western U.S. Originations
626.432.6135
jp.seminario@pnc.com

J.P. Seminario is Director of Western U.S. Originations for PNC Business Credit’s Technology Finance group. He is responsible for sourcing, structuring and executing on recurring revenue credit facilities used for buyouts, leveraged recapitalizations and refinancings by enterprise software companies.

Seminario is a founding member of the Technology Finance group and has worked in various roles, including underwriting and originations. Previously, he worked for Wells Fargo Capital Finance’s Technology Group and Ernst & Young, LLP. Seminario’s experience includes over $2.0 billion in financing LBO, M&A, recapitalization and restructuring transactions in the technology space.

He received his B.S. from California State University Northridge and his master’s degree from the University of Notre Dame.

David W. Mengel
Executive Vice President & Group Head
415.733.1601
david.mengel@pnc.com

David Mengel is Executive Vice President and Head of PNC Business Credit’s Technology Finance group. He is responsible for oversight of all new business development and portfolio management for the Technology Finance Group nationwide.

Mengel joined PNC in 1998 as Segment Executive for the Energy, Metals & Mining group. He subsequently held a series of leadership positions across PNC, including portfolio management, and was National Head of Originations for Steel City Capital Funding. Prior to joining PNC, Mengel held positions of increasing responsibility for U.S. Steel, Chase Manhattan Bank and Armco, Inc.

Mengel received his B.S. from Lehigh University and his MBA from the University of Pittsburgh.

Getting the deal done for technology companies

Marlin Equity Partners

Undisclosed

Recurring Revenue

Cloud Medical Office Software

Business Services

Marlin Equity Partners

Undisclosed

Recurring Revenue

Telecom and MobileExpense Management Software Provider

Business Services

Marlin Equity Partners

Undisclosed

Add-on Acquisition of French TEM Company

Telecom and MobileExpense Management Software Provider

Business Services

Accel KKR

Undisclosed

Recurring Revenue

SaaS Based Banking Software Provider

Business Services

Strattam Capital

Undisclosed

Revolving Line of Credit & Term Loan

Trade Spend Management Software Provider

Business Services

Madison Dearborn Partners

$40,000,000

Recurring Revenue

DNS & Security Solutions Provider

Business Services

Undisclosed

Revolving Line of Credit & Term Loan

Cloud-based CRM Solutions for Service Businesses

Business Services

K1 Capital

$26,500,000

Recurring Revenue

Electronic Health Records & Practice Management Software

Business Services

K1 Capital

$27,000,000

Recurring Revenue

Identity Governance & Administration

Business Services

Waud Capital Partners

$33,000,000

Revolving Line of Credit & Term Loan

Corporate Social Responsibility Software

Business Services

HGGC

Undisclosed

Recurring Revenue

Automotive Service Lane Technology Provider

Business Services

Silversmith Capital Partners

Undisclosed

Recurring Revenue

SaaS & PaaS-based Spatial Technology Solutions Provider

Business Services

Strattam Capital

C$17,100,000

Revolving Line of Credit & Term Loan

Financial Services Software Solutions Provider

Business Services

Marlin Equity Partners

Undisclosed

Recurring Revenue

Post-Acute Care Technology Provider

Business Services

Marlin Equity Partners

$32,000,000

Recurring Revenue

Healthcare Software Solutions

Business Services

JMI Equity

$26,000,000

Recurring Revenue

Cloud-Based Community Platform Provider

Business Services

Francisco Partners

Undisclosed

Revolving Line of Credit & Term Loan

Supply Chain & Logistics Software Provider

Business Services

Vestar Capital Partners

$70,000,000*

Revolving Line of Credit & Term Loan

Technology Enablement Solutions Provider

Business Services

Francisco Partners

Undisclosed

Revolving Line of Credit & Term Loan

Digital Literacy Solutions Provider

Business Services

Undisclosed

Recurring Revenue

Newspaper & Media Software Provider

Business Services

Marlin Equity Partners

Undisclosed

Recurring Revenue

Cloud-based Point of Sales Software

Business Services

K1 Capital

$48,500,000

Recurring Revenue

Cloud-based Software Solutions for Government Agencies

Business Services

Marlin Equity Partners

Undisclosed

Recurring Revenue

Software Solutions Provider

Business Services

Golden Gate Capital

$40,000,000

Recurring Revenue

Cloud Contact Center Solution Provider

Business Services

Symphony Technology Group & Tennenbaum Capital Partners

$15,000,000

Recurring Revenue

Risk Management & P&C Insurance Solutions Provider

Business Services

Genstar Capital, L.P.

$40,000,000

Revolving Line of Credit & Term Loan

EHS&S Software Solutions Provider

Business Services

Symphony Technology Group

$30,000,000

Recurring Revenue

Data, Application, Analytics & Consulting Services

Business Services

The Riverside Company

$24,000,000

Recurring Revenue-based Unitranche Facility

Benefits Administration & IT Services

Industrial Goods & Manufacturer

The Riverside Company

$24,000,000

Recurring Revenue-based Unitranche Facility

Surgical Equipment Tracking & Workflow Solutions

Industrial Goods & Manufacturer

K1 Capital

$26,500,000

Recurring Revenue

Electronic Health Records & Practice Management Software

Industrial Goods & Manufacturer

TA Associates

$40,000,000

Recurring Revenue

P&C Insurance Software

Industrial Goods & Manufacturer

The Riverside Company

$35,000,000

Revolving Line of Credit & Term Loan

Specialized Healthcare Software Provider

Industrial Goods & Manufacturer

LDC

£25,000,000

Recurring Revenue

Insurance Software Products & Services

Industrial Goods & Manufacturer

Vector Capital

Undisclosed

Recurring Revenue

SaaS Based Digital Audio Software Provider

Industrial Goods & Manufacturer

Waud Capital Partners

$33,000,000

Revolving Line of Credit & Term Loan

Corporate Social Responsibility Software

Industrial Goods & Manufacturer

The Riverside Company

$42,000,000

Recurring Revenue

SaaS Based Loan Management Workflow Software Provider

Business Services

PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). PNC Business Credit is the senior secured lending division of PNC Bank, National Association (“PNC Bank”) and its subsidiaries, and is part of PNC. In Canada, bank deposit, treasury management and lending products and services (including secured lending by PNC Business Credit) and leasing products and services are provided through PNC Bank Canada Branch. PNC Bank Canada Branch is the Canadian branch of PNC Bank, National Association. Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation. Deposits with PNC Bank Canada Branch are not insured by the Federal Deposit Insurance Corporation, nor are they guaranteed by the United States Government or any agency thereof.

In the UK, lending products are provided by PNC Financial Services UK Ltd., which is an indirect wholly owned subsidiary of PNC Bank.

Lending products and services, as well as certain other banking products and services, require credit approval.

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