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Velocity Financial Group Announces Financing to Sportvision
Boston, MA - May 26, 2010 – Velocity Financial Group, Inc. announced today the close of a venture debt facility to Sportvision, Inc., the leading innovator of digital sports content and Emmy-Award winning sports broadcast enhancements. Sportvision is headquartered in Chicago, IL and is backed by New World Ventures, Dolphin Equity Partners, Motorola Ventures and Cartesian Capital.
Sportvision is a leading sports technology company pioneering in-game enhancements and real-time sports data aggregation. Through the collection of real-time data, Sportvision is able to provide in-game broadcast enhancements, interactive in-action content and complete “digital records” of an event providing unprecedented levels of performance analysis that is used by players, coaches and fans alike.
“With widespread adoption by all of the major broadcast networks and extensive relationships with the top sporting leagues, Sportvision is the uncontested leader in broadcast enhancements,” said JP Marchette, Principal of Velocity. “By delivering complimentary sporting information in a format that is intuitive to both the casual and die-hard fan, Sportvision has forever changed fan expectations and has eliminated many of the learning curves that served as a barrier for casual fans to enjoy a home broadcast. The Company’s ability to harness enormous amounts of performance and game play data will help Sportvision continue to provide innovative experiences and data services, and we are thrilled to be joining the team.”
“We have had a longstanding relationship with the Velocity team,” said Mike Jakob, President and COO of Sportvision. “Velocity was able to move quickly to provide a financing structure that met our objectives. The team demonstrated a strong understanding of our business, which enabled a seamless diligence process and a straightforward close. We look forward to extending our relationship with Velocity.”
About Velocity Financial Group:
Velocity Financial Group, Inc. (VFG) is a specialty finance company formed to serve middle-market and venture-backed companies. VFG's Ventures division is dedicated to helping entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, VFG's Ventures Group has built a broad client base consisting of technology, life sciences and clean energy companies. Clients range from pre-revenue companies with dedicated entrepreneurs to late stage, proven businesses seeking more efficient growth capital. VFG is backed by a diverse group of global financial institutions. For more information, please visit www.velocityfg.com.