Chicago, IL – September 5, 2019 – ShowingTime.com, Inc. (“ShowingTime” or the “Company”) has secured acquisition financing from Accel-KKR Credit Partners, a fund managed by leading technology-focused investment firm, Accel-KKR and Wells Fargo Capital Finance, a division of Wells Fargo Bank, N.A. The funding supported the Company’s acquisition of Centralized Showing Service, Inc. (CSS).
ShowingTime is the leader in tech-enabled showing management services and software supporting the residential real estate market and CSS provides showing management services.
“We have known CSS for a long time and greatly respected their leadership and position in the market. We have always felt that combining forces would bring more efficiency and value to the market,” said Scott Woodard, CEO and Founder of ShowingTime. “The combination will improve the technological adoption in the residential real estate industry and enhance the network effect of our platform. Our team has worked hard to grow ShowingTime without notable outside capital; however, financing this acquisition with debt has allowed us to accelerate our growth plan while not diluting the equity that we have built to date. When choosing a lender to work with, Accel-KKR and Wells Fargo Capital Finance stood out due to their deep knowledge of the technology sector and speed of execution.”
“ShowingTime is one of those great businesses that Accel-KKR has tracked for a long time,” said Samantha Shows, Managing Director and Head of Credit Investing at Accel-KKR. “Scott grew up around the real estate business which helped him identify a problem and his engineering background helped him conceive a solution. Now, 20 years later ShowingTime is one of the most successful technology companies in the space. We are excited to have the opportunity to partner with ShowingTime as it continues to grow both organically and inorganically.”
“ShowingTime has a sophisticated management team and has leveraged the massive amount of data in their platform to continually improve the technology” said Jason Cosso, Managing Director at Wells Fargo Capital Finance. “We are excited to work with them as they embark on their future endeavors” said Tiffany Orman, Managing Director at Wells Fargo Capital Finance.
About ShowingTime
Founded in 1999 and headquartered in Chicago, IL, ShowingTime is the leading showing management and market statistics SaaS solution provider in the residential real estate industry. The Company has acquired Centralized Showing Service, Inc. which also provides residential showing management services. The combined company serves MLSs, state and local REALTOR® associations, brokers and agents in the U.S. and Canada. It is projected that nearly 20% of the showings in North America will utilize the premium services of the combined platform.
About Accel-KKR
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
