CIBC Innovation Banking Leads Syndicated Debt Financing Solution for Actionstep
Austin, Texas/Auckland, New Zealand, January 25 – CIBC Innovation Banking announces the lead arrangement of a syndicated debt financing commitment for Actionstep, a developer of cloud-based legal practice management software for law firms. The facility was expanded and syndicated, in support of Actionstep’s acquisition of the legal accounting company Soluno, based in Toronto, Canada.
Actionstep, which is backed by Serent Capital, is a fast growing, dynamic, global SaaS business that specialises in the delivery of legal practice management software to midsize law firms. Actionstep already has a strong presence in the United States, Australia, United Kingdom and New Zealand.
“This is an important step in Actionstep’s journey,” said Jonathan Schupack, Managing Director at CIBC Innovation Banking. “This is the third acquisition that Actionstep has made since we started working with them and we’re excited to watch them continue to grow both organically and through acquisition.”
“At Actionstep, we’re happy to have CIBC Innovation Banking on board with us,” said Early Stephens, CEO at Actionstep. “Having a strong financing partner allows us to unlock fantastic market opportunities and invest in innovation for our customers, while supporting the health and stability of our company.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital market businesses.
About Actionstep
Actionstep is a fast-growing, dynamic legal SaaS (Software as a Service) business with a global customer base, including 35,000 users globally. Actionstep delivers a comprehensive legal practice management cloud platform to midsize law firms looking for an adaptable, extendable solution. Using workflow and automation to connect all the work of law firms in one platform, including Matter Management, CRM, Document Assembly and Management, Time and Billing, Payments, Trust and Office Accounting, Reporting, and more, Actionstep helps law firms build their advantage. Visit www.actionstep.com to learn more.
About Soluno
Soluno is a best-in-class time, billing, and accounting software designed to help law firms manage their unique business needs. With Soluno’s modern, user-friendly, cloud-based accounting and business management software, law firms can confidently manage the business of their practice all in one place. Combining time and expense entry, billing, accounting, and reporting, Soluno’s browser-based solution empowers law firms to increase efficiency and be more profitable. Visit www.soluno.legal to learn more.
About Serent Capital
Serent Capital is a growth-focused private equity firm investing in capital-efficient, B2B SaaS and technology companies. From its founding, Serent set out to build a distinctly different firm that prioritizes founders and their companies and provides true hands-on resources through its 20+ person Growth Team. Serent’s in-house Growth Team is equipped with a wide range of resources to help companies accelerate growth, including strategic and operational support to drive revenue generation, assistance in building a top-tier executive team, guidance for transformative M&A, and a community of 400+ founders and operating executives. Visit www.serentcapital.com to learn more.