Eleven-year old, Vancouver-based Vivonet announced this morning the completion of a US $8.5 million secondary and treasury financing with Vancouver-based private equity firm, Maxam Opportunities Fund LP.
Vivonet was founded in 1999 by Ryan Volberg and Kevin Falk whose vision was to harness the power of the internet to develop an advanced point-of-sale (POS), data warehousing and payment product for the restaurant industry that would provide functionality previously unavailable to the market.
Now Vivonet provides business solutions to the restaurant and retail industries, based on a Software as a Service (SaaS) model. As a result of its model, Vivonet’s products offer the utility of major enterprise level solutions at a significantly lower cost. As well, Vivonet distinguishes itself from its competitors by aggregating the transaction data created by its customers in a single database, giving the company the unique ability to offer retail sales intelligence information to its customers.
Current Vivonet investors include the BC Discovery Fund, Greenstone Venture Partners, and Roynat Capital.
Capital West Partners acted as financial advisor to Vivonet for this transaction.