FOR IMMEDIATE RELEASE: December 14th, 2017
VANCOUVER, BC — TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) is pleased to announce its newest investment of $2 million into Wagepoint Inc., a Kitchener, Ontario-based maker of payroll automation software that lets small businesses pay their employees quickly and easily while complying with the associated tax laws. This is TIMIA’s 3rd new investment in the past two months.
“Wagepoint has doubled its subscriber base every year since launching in 2013. This past year, we’ve found ourselves in the fortunate position of working with some large-scale partners that will have a significant impact on our growth.” says Wagepoint CEO, Shrad Rao. “As a young startup, we need all the help we can get to scale our business. That’s where the support from TIMIA comes in to help further fuel our growth ambitions.”
Recently, Wagepoint has signed deals with several large cloud-focused accounting firms, like Ledgers (based out of Ontario) and Operio (a division of Raymond Chabot Grant Thornton based out of Quebec). Additionally, there’s the recently launched QuickBooks Advanced Payroll powered by Wagepoint (QBOAP) — a comprehensive payroll processing solution in partnership with Intuit Canada. QBOAP is built directly into QuickBooks Online, Canada’s number one online accounting software — giving small businesses a faster, effortless way to stay compliant with CRA payroll regulations, including automated tax payments and filings or automatically filing year-end forms.
“We have known Shrad and his Wagepoint team since the very beginning of their entrepreneurial journey in the Communitech incubator,” adds Andrew Abouchar, TIMIA’s VP of Underwriting. “Our capital infusion aligns with the existing stakeholders’ goals by supporting this company as it onboards new customers and drives its average revenue per customer higher. We are excited to be investing in a scrappy management team that is punching above its weight class — with aggressive and credible plans to accelerate its revenue growth.”
Wagepoint is one example of a growing number of financial technology (FinTech) tools that are now more accessible to small businesses because they are subscription-based software-as-a-service (SaaS) applications. Hosted in the cloud, SaaS apps are easier for small businesses to implement and they can be accessed via smartphones, tablets and laptops.
With the funding from TIMIA, Wagepoint plans to focus on further strengthening its core product and launching more human resource (HR) apps designed to make it easier for small businesses all over Canada to manage employees. Wagepoint has been beta testing a time and attendance tool and a leave management product that are both fully integrated with the payroll software and have been well received by subscribers.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for payments tied to revenue and bonus payments upon exiting the investments. The alternative financing option complements both debt and equity financing, while allowing entrepreneurs to retain a greater share of their business. TIMIA’s target market is the fast-growing business-to-business software-as-a-service (SaaS) segment. TIMIA is managed by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance and workouts. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com.
About Wagepoint Inc.
Wagepoint helps 4,000 small business across Canada and the United States pay 30,000 employees — all with one easy, cloud-based format featuring an interface purposefully designed to pass the “my-grandma-could-use-it” sniff test. For more information on how Wagepoint makes payroll simple, fast and friendly, visit www.wagepoint.com.
For more information, please contact:
Chief Executive Officer
TIMIA Capital Corporation
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.