June 23, 2023 – RiverFort is pleased to announce that it has arranged a financing facility with Whispir Limited (ASX: WSP) (“the Company”) for up to A$7.5m.
Whispir Limited (WSP) is an ASX-listed Software-as-a-Service ('SaaS') provider that specializes in the development and provision of communications management systems via a cloud-based platform. The Group enables the integration of smart applications and micro communications services into existing workflow solutions to automate specific areas of business-critical communications across mobile/email/voice/social/web. WSP operates across three regions of ANZ, Asia and North America.
Whispir recently completed a successful restructuring, which has delivered cost savings in excess of A$18 million per year, to put them on the path towards positive free cash flow generation. The Company intends to use the first A$1 million drawdown for working capital purposes whilst it achieves this goal, with a further A$6.5 million available for further investment in product development and revenue growth.
Jeromy Wells, Whispir’s Chief Executive Officer and founder said:
“This facility provides us with important access to immediate cash to manage working capital, and gives us the flexibility to inject capital back into the business to accelerate revenue growth down the track. After considering financing offers from a number of local and global financiers, we deemed the offer from RiverFort to be the most competitively priced with the most flexibility, and they also have a proven track record of lending to ASX-listed companies.”