CHICAGO, April 30, 2021 / PRNewswire / – CIBC Innovation Banking today announced that it has extended $ 12.5 million credit facility to CollegeNET, Inc., a software provider to colleges and universities. The credit facility will be used to further develop the business of CollegeNET.
CollegeNET, Inc. designs and builds on-demand Software-as-a-Service (SaaS) technologies used by colleges and universities for event and academic planning, recruitment and admissions management, AI / supercomputer video interview and electronic delivery of academic records.
“Based on our new patented StandOut technology, we can now extend video interviewing via AI / supercomputing to thousands of applicants while offering the real candidate to employers and universities,” said James wolfston, CEO and Founder of CollegeNET. “CIBC’s funding will help us accelerate our ambitions for growth.”
CIBC’s innovation team specializes in the delivery of banking services, including financing to start-ups and start-ups.
“We are pleased to have been chosen by CollegeNet for their funding needs,” said Jeremy epstein, Managing Director and Market Leader, CIBC US Innovation Banking. “Our team recognizes the evolution of the college application and interview process and we are delighted to provide this funding to support the future growth of CollegeNET.
CIBC (NYSE: CM) (TSX: CM) is a leading North American financial institution with 10 million personal, corporate, public and institutional banking clients. CIBC offers a full range of advice, solutions and services United States, on the other side Canada and all over the world. In the United States, CIBC United States offers commercial, private and personal banking and small business banking services; and CIBC Private Wealth offers investment management, wealth strategies and wealth planning services. Visit us at cibc.com/US.
CIBC Innovation Banking Services provides strategic advice, cash management and financing to North American innovation companies at every stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, To rest on, Toronto and Vancouver, the team has extensive experience and a strong collaborative approach that spans all of CIBC’s U.S. commercial banking and financial markets operations and Canada.
SOURCE CIBC Bank United States