Yardstick secures debt-funding and consolidates shareholder group
January 05, 2019 Business News(PRLEAP.COM) Effective immediately, Yardstick Software Inc. ("Yardstick") an Edmonton based, nationally operated provider of online testing, training, and research software and consulting services, is pleased to announce a major refinancing and shareholder consolidation, marking a major milestone for the company since its inception in 2006.
"We are pleased to have secured a very competitive traditional-debt funding package with our new banking partners, Scotiabank. As our company has matured over the years, finding a banking partner that supports the vision of a SAAS-based / knowledge economy company was always a goal. This new relationship has allowed the shareholders of Yardstick to work together and action some mutually beneficial and meaningful changes that will both allow some of our friends and shareholders an exit, and as well, a consolidation of our ownership back to the founders, and our initial financial backer, Maggnum Ventures, a family-owned venture fund ran by Matt Grieve.", states Chris LaBossiere, company co-founder and CEO.
With this, Yardstick would also like to announce the friendly departure of three individuals who have been key to the growth, strategy and culture of the organization.
Alina Martin, Greg Kureluk and Dr. Greg Sadesky have all been integral to our maturation and success, and not surprisingly they each have significant entrepreneurial capabilities. As a modestly sized $30M revenue company, we were disproportionately blessed with so many amazing entrepreneurs in our ranks. But as true entrepreneurs, they continue to seek more, something new, and with this, each of our friends are taking their equity out of Yardstick to pursue new business opportunities for themselves and their families.
"It was a profitable journey for everyone, and especially rich in experiences, as we all learned to scale our company, becoming a national leader in training and testing solutions for regulated industries."
- Chris LaBossiere
"We have always been friends first and we wish our friends the best of success in their ventures; even though there is little doubt they will do anything but succeed. Seeing what each have planned, I'm sure their stories are only just in the earliest chapters. We are excited to see what they will build for themselves and their families and look forward to their continued success and friendships.", says Don Riep, Yardstick co-founder and CTO. "I'm also equally excited with our new vision and simplified shareholder and leadership structure within Yardstick. These big changes and renewed focus paint a bright picture for our company and its people."
After a corporate re-organization in the fall of 2018 into two wholly-owned subsidiaries, Yardstick Assessment Strategies Inc. and Yardstick Training, the companies have found strategic focus and momentum under their respective Presidents, Dr. Isabelle Gonthier and Mr. Trevor Gartner. "It's a normal course of events as founders and entrepreneurs to cede these important roles to our professional managers and their talented teams. Don and I can stay focused on corporate strategy, external growth opportunities, new product penetration, and our recent investment in business intelligence and benchmarking tools." says LaBossiere.
In 2018 Yardstick completed the acquisitions of Banister Research Limited, Grand River Occupational Health and Safety Inc., Guard Training Academy, and ProTraining. The company maintains offices in Ottawa, Toronto, and Cambridge, Ontario - plus Calgary and Edmonton, Alberta and has over 120 staff.
For more information or to schedule an interview, please contact:
EA to Co-Founders, Yardstick