Blackline Safety gets additional $10M capital from ATB Financial
Blackline Safety Corporation has recently enhanced its credit facility, increasing it from $15 million to $25 million and extending the term by an additional two years from the closing date. This expanded credit facility also incorporates a $5 million accordion feature, allowing the company to increase its credit facility size with the approval of ATB Financial.
This extension of the credit facility involves a revision of the specific terms and conditions that Blackline Safety, as the borrower, needs to adhere to. These modifications are expected to assist the company in effectively managing its finances and supporting its growth.
The increased financial backing is because the company improved its core financial metrics over the past year, including total revenue, gross margin, annual recurring revenue, net dollar retention, and reduced operating costs.
“We are delighted to be continuing our partnership with ATB Financial for the next two years, and we are pleased with the $10 million additional capital that this facility further solidifies the liquidity position of the Company,” says Shane Grennan, chief financial officer of Blackline Safety.
According to Cody Slater, the chief executive officer and chair at Blackline Safety, the fiscal year 2024 will witness positive trends in their business. These tailwinds are related to the increased adoption of Blackline’s connected gas detection solutions by industrial companies as part of their digital transformation initiatives.
Blackline Safety highlights that they have achieved 26 consecutive quarters of revenue growth. The decision to expand the credit facility is supported by the company’s growing annual recurring revenue, which has now reached $47 million. This represents a substantial 43 percent increase compared to the same quarter in the previous year.
“ATB is pleased to once again partner with Blackline Safety, a global company based in Alberta that has consistently shown dedication to the advancement of safety technology. We look forward to seeing the continued growth and bright future of this Company,” says Darren Eurich, chief executive officer at ATB Capital Markets and senior vice president of business at ATB Financial.
Article Topics
ATB Financial | Blackline Safety | digital transformation | funding
Comments