Huntington Capital Completes Growth Financing with Parallel 6
Funding to facilitate company recapitalization and growth in enterprise mobile technology
San Diego, CA – April 13, 2015 – Huntington Capital Fund III, LP (“Huntington”), a San Diego based lower-middle market focused private equity fund, has announced the completion of a $3.0 million convertible senior mezzanine loan commitment in Parallel 6, Inc. (“Company”), a mobile engagement management solution provider. The new financing will be used to recapitalize certain debt and to support the Company’s growth into new markets.
Founded in 2009, Parallel 6 is a multichannel, mobile technology company based in San Diego. The Company delivers mobile, digital, and social engagement management solutions focused on influencing business and consumer behavior. Its Clinical Reach platform is an enterprise mobile solution that combines digital and mobile technologies to decrease time and increase accuracy in participant recruitment and engagement with the goal of enhancing participant experiences and retention. GovReach was designed to accelerate government-to-citizen and internal, government-digital efficiency, transparency, and engagement. The Captive Reach offering focuses on customers in the retail, gaming and events management industries. Key solutions include strategies for conversion optimization, driving qualified traffic, and supplying digital and media consumer insights.
"Parallel 6 is providing its customers a compelling technology solution—providing increased customer engagement while lowering overall customer acquisition costs," commented Tim Bubnack, Huntington Capital Managing Partner. "We look forward to working with CEO, Allan Camaisa, as he leads the Company’s growth. Prior to this engagement, Huntington and Camaisa successfully exited Anakam, Inc., a portfolio company in our second fund."
"We are very pleased to partner with Huntington to grow our mobile based engagement management platform. After working with Huntington in my previous company, I expect their experience and strategic insight will help us realize the potential for our services. The Company is growing rapidly, and Huntington’s investment will help us capitalize on the need for improved offerings in the mobile engagement platform industry", commented Allan Camaisa, Parallel 6 CEO.
About Parallel 6
Parallel 6, an enterprise mobile technology company that specializes in engagement management solutions, is the creator of Captive Reach. Captive Reach is an end-to-end mobile enterprise application platform that influences consumer behavior, enhances brand recognition and builds strong, client-customer relationships. Parallel 6 has industry tailored solutions, including GovReach for Government Agencies and Clinical Reach a clinical trial management system for the Healthcare and Life Sciences industries. The firm is headquartered in San Diego with Federal offices in Washington D.C. For more information, visit http://www.parallel6.com.
About Huntington Capital
Based in San Diego, CA, Huntington Capital is a leading mezzanine capital provider to underserved, lower middle market companies throughout California and the Western United States. Founded in 2000, Huntington is currently making new investments out of its third fund, Huntington Capital Fund III, L.P. Huntington seeks to invest in established lower middle market businesses generating between $10 million and $75 million in revenues across a broad range of industries; investments are typically structured in the form of growth capital, buyout or acquisition financing ranging between $2.0 million and $9.0 million. The firm has invested in approximately 50 companies since its founding. Partners Morgan Miller, Tim Bubnack and Frank Mora lead Huntington’s management team. For more information, please visit the company website at www.huntingtoncapital.com.