(Source: Business Wire)
CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it has arranged a C$55 million senior secured credit facility to a group of investors, including JMI Equity, The Carlyle Group and Pala Investments Holding Limited to finance the acquisition of Gemcom Software International Inc. Gemcom, based in Vancouver, Canada, is a provider of software that helps mining companies interpret geological deposits and develop and optimize mine plans.
Financing for the deal was arranged by CIT Communications Media and Entertainment, a unit of CIT.
"Our strong sponsor relationships allowed us to engage early in this deal and despite a challenging financing market, we were able to complete the transaction within a short time frame," said Ellen Marshall, Managing Director, CIT Communications, Media & Entertainment. "Our ability to leverage our expertise in mining and information technology on a global basis, combined with the local expertise of our office in Canada, enabled us to coordinate the participants and execute the deal on favorable terms."
Bob Smith, General Partner of JMI Equity, said, "We were impressed with the global reach of CIT's operations and their capacity to coordinate this deal in a seamless manner. Their presence in Canada coupled with their industry expertise was instrumental in helping the investor group get the deal done without delays."
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About Gemcom
When mining companies seek to increase mine productivity, they turn to Gemcom for technology and services. The Company is home to world-renowned mining solutions like GEMS, Surpac, Minex, Whittle, and InSite and to industry thought-leaders who are pushing the boundaries of what's possible in mining. Established in 1985, Gemcom has a global reach delivering comprehensive solutions in all major mining centres in more than 90 countries. Every major mining company, including BHP Billiton, Codelco, De Beers, Newmont and Vale, is a Gemcom client. Through a combination of organic growth and strategic acquisitions, the Company has become the largest global supplier of specialised mining productivity solutions. Gemcom is listed on the TSX under the ticker "GCM." For more information, visit www.gemcomsoftware.com
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in growing software and business services companies at all stages of their lifecycles.
