WOODSIDE, Calif., June 29, 2022 /PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $50 million to Interactions. The capital will be used to refinance existing debt and provide growth and working capital.
Interactions is a leader in the enterprise conversational AI space with deep, best-in-class technology and a set of long-tenured, blue-chip customers that have grown with the business over time. The company has leveraged growth debt in the past, and by refinancing their existing debt with Runway, they will be able to further enhance their Intelligent Virtual Assistant product and service platform, increase customer satisfaction, and reach the next phase of growth.
"We are excited to add Interactions to our portfolio; they are a seasoned, scaled business with a high-quality customer base and strong management team," said Greg Greifeld, Managing Director and Deputy Chief Investment Officer at Runway. "Interactions is well-positioned to address the evolving and increasingly complex needs in customer sales, service and support. With a long operating history and strong backing from top-tier growth investors, Interactions' product and service offering can be used to mitigate inflationary concerns and counter labor shortages that are impacting customer service and business process outsourcing industries."
Refinancing allows Interactions to avoid the burden of repaying existing debt at a time when the capital could be better spent on continued investment into research and development, operational infrastructure, and growth. The current equity capital raising landscape is experiencing a high degree of volatility and uncertainty, making financing options such as Runway's growth loans, a prudent choice.
"Runway thoughtfully structured a loan that positions Interactions well for growth opportunities in the coming years that are being fueled by labor shortages and the market's push to automate and enhance customer engagement and experience," explained Mike Iacobucci, CEO at Interactions. "Runway's willingness and ability to dive deep and work collaboratively with the management team to understand the business beyond the surface gave us assurance that we found the right partner."
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Interactions provides Intelligent Virtual Assistants that seamlessly assimilate conversational AI and human understanding to enable businesses to engage with their customers in highly productive and satisfying conversations. With flexible products and solutions designed to meet the growing demand for unified, omnichannel customer care, Interactions is delivering unprecedented improvements in the customer experience and significant cost savings for some of the largest brands in the world. Founded in 2004, Interactions is headquartered in Franklin, Massachusetts with additional offices worldwide. For more information, visit www.interactions.com.
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SOURCE Runway Growth Capital LLC