Dallas, TX. – February 19, 2008 – Merlin Technologies Corporation, a provider of software and services for Human Capital Management, secured a $5 million venture loan from MMV Financial Inc. The funding will be used primarily for the acquisition of ASSESS Systems, which sells talent acquisition software and services. The acquisition was also backed by Updata Partners, a fund focused on the IT sector.
“There is a significant growth opportunity to provide solutions within the HR sector focused specifically on talent acquisition and management,” commented Ron Patterson, Executive Vice President of MMV Financial Inc. “Merlin management identified the acquisition of ASSESS Systems as a key ingredient to offering related services, and we are excited about supporting them in this initiative.”
“This funding not only allows us to acquire a leading provider of talent acquisition software and services, but also provides us with working capital to expand our services in the Human Capital Management realm,” commented Jim Buchanan, CFO of Merlin. “MMV quickly realized the growth opportunity in the space and we are excited about having them as a partner.”
ASSESS Systems (formerly known as Bigby Havis & Associates) is a company with an international presence providing state-of-the-art selection and development solutions to client companies worldwide. Through its ASSESS, SELECT, and SalesMax solutions, the Company provides rapidly-tailored, web-facilitated tools and processes to meet the client’s needs more quickly and effectively than a traditional consulting firm and to support these with targeted, cost-effective training, consulting and services.
About Merlin Technologies Corporation
Merlin Technologies Corporation provides integrated pre-employment and talent acquisition solutions for corporations. By combining our expertise with leading human capital management technologies and managed information services, Merlin helps clients achieve better hiring results and improved productivity in a more timely and cost-effective manner. Merlin's flagship suite of solutions, ASSESS Systems, includes comprehensive candidate assessment and employee development offerings as well as organizational, large-scale hiring processes and development workshops. The company actively evaluates strategic partnering opportunities to accelerate its leadership position in the $3 billion talent acquisition solutions market. For more information visit http://www.merlintechcorp.com/, or contact:
Jim Buchanan
Chief Financial Officer
Merlin Technologies Corporation
919-367-0586
jbuchanan@merlintechcorp.com
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions 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 Quebec, HSBC, NewStar Financial Inc., and Wells Fargo Company. For more information visit: www.mmvf.com, or contact:
Ron Patterson
Executive Vice President
MMV Financial Inc.
416-977-9718
rpatterson@mmvf.com