Hauppauge, NY – January 12, 2010 – CorrectNet, Inc., a leading provider of managed service-based data aggregation and client reporting solutions to the asset management industry, announces the completion of a US$3.0 million venture loan from MMV Financial (“MMV”). The Company has been recognized for its complete integrated life cycle approach to data aggregation and reporting while providing the highest levels of availability, security and data flexibility based on its meta-data based technology. CorrectNet, Inc. is privately held with investment from Edison Venture Fund, New Spring Capital and TL Ventures.
"CorrectNet, Inc. will use this financing to support its continued growth in sales and marketing and product development.” said Robert Miller, Chief Executive Officer of CorrectNet, Inc. “We had various options for this financing and selected MMV based on their track record and their commitment to the Company. The process worked well meeting all deadlines and we look forward to our new relationship with MMV”
“CorrectNet, Inc. has an impressive list of clients consisting of some of the largest global asset management firms. We were impressed with the Company’s differentiated offering, experienced management team and investor support” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “The Company is well positioned to continue its role as a leader in the growing data aggregation field of the asset management industry.”
CorrectNet is the market leader in managed service-based information delivery and client reporting for asset management firms and institutions. Founded in 1997, CorrectNet provides infrastructure, operations and people to manage the aggregation, enrichment, quality assurance and formatting of complex investment data, delivered through rich reporting web portals to investors, portfolio managers, operations teams and executives. CorrectNet’s managed service supports over 250 implementations, processing over two million data feeds per day and serving over 500,000 users; providing firms with more information, more frequently and with more flexibility. For more information about CorrectNet, visit: www.correctnet.com
MMV Financial is a 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, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
For CorrectNet, Inc.
For MMV Financial Inc.
Senior Vice President
MMV Financial Inc.