Burlington, Massachusetts – October 17, 2006 – Maptuit Corporation, the leading provider of truck routing and directions, location based services and vehicle tracking and traffic services, today announced that it has secured a US$2 million venture loan from MMV Financial Inc.
“Maptuit is pleased to have MMV as a financial partner,” said Jeff Papows, Chief Executive Officer of Maptuit. “This financing, completed quickly and efficiently, gives us the working capital required to continue growing our business.”
Built around the global road network, Maptuit is more than just another location-based service. With the most sophisticated algorithms, and over 40 million data points for roads, addresses, bridges, tolls, fuel stops and more in its database, it's the most comprehensive road and location information service available - and it is used by some of the most demanding companies in the most competitive industries anywhere. Maptuit’s investors include Edison Ventures, Flagship Ventures, Draper Fisher Jurvetson, and the Eckford Group.
“Maptuit’s track record for growth is quite impressive,” said Ron Patterson, Executive Vice President, MMV Financial Inc. “We believe its unique services backed by a strong technology platform and seasoned management team will keep Maptuit on a path of continued growth.”
About Maptuit Corporation
Founded in 1999, Maptuit Corporation provides trucking, tracking and traffic services for the transportation and consumer markets. With Maptuit’s advanced web services and patented technology, companies benefit from the ability to easily look up addresses, create maps, perform proximity searches, generate optimized routes and provide directions. For more information please visit http://www.maptuit.com/.
Maptuit is a registered trademark in the United States, and Maptuit, FleetNav, FleetNav Express and other names or logos identifying the services are trademarks or service marks of Maptuit Corporation.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information please visit www.mmvf.com.
Media Contacts:
Carlos Bernal
Marketing & Communications Manager
Maptuit Corporation
781-685-4693
carlos.bernal@maptuit.com
Ron Patterson
Executive Vice President
MMV Financial Inc.
416-977-9718
rpatterson@mmvf.com