Morgan Stanley Funding Administration introduced that funds managed by Morgan Stanley Enlargement Capital and Morgan Stanley Personal Credit score have offered US$125 million in senior debt financing to FreshBooks, a supplier of cloud-based accounting software program for small companies.
This funding might be used to refinance present debt and help the corporate’s continued progress.
Toronto-based FreshBooks presents SaaS software program designed for service-based small and medium-sized companies (SMBs), with a main deal with the US and Canadian markets.
Functioning as a core working system for its prospects, FreshBooks supplies an intuitive platform that facilitates invoicing, cost processing, time monitoring, and payroll administration.
Pete Chung, Head of Morgan Stanley Enlargement Capital, and Ashwin Krishnan, North America Co-Head of Morgan Stanley Personal Credit score, said:
“We consider FreshBooks’ SaaS accounting software program advantages from sturdy secular tailwinds, together with growing digital transformation and a shift to world e-invoicing and funds digitisation.”
“We consider FreshBooks has an incredible market alternative forward of it and are assured that our progress credit score and capital options groups are uniquely positioned to help FreshBooks on this vital stage of its progress.”
Shaheen Javadizadeh, CEO of FreshBooks, commented:
“We’re thrilled to accomplice with Morgan Stanley’s Enlargement Capital and Personal Credit score teams, who help our imaginative and prescient of empowering small enterprise house owners via expertise. FreshBooks seems to be ahead to leveraging their experience on this subsequent chapter of progress.”
The funding in FreshBooks was led by Morgan Stanley Government Director Nick Nocito.
Featured picture credit score: edited from freepik
