Grenville Strategic Royalty (GRC-V) Aug 14, '14 has contracted for a gross sales royalty from Securite Above Inc. in exchange for an advance of $2-million with an option, if agreed upon by both companies, to advance an additional $1.5-million. Above Security is a privately held provider of managed security solutions based in Montreal, Que., with over 15 years of experience providing services to networks of over 250 private and government-owned organizations in nearly 40 countries. Above Security's solutions deliver customized services for monitoring and protecting clients' critical and sensitive information technology assets 24 hours a day, seven days a week. Above Security's primary service offering is its managed security services, which provide clients the benefits of third party validation of their security position in real time with the added convenience of no training, configuration and maintenance with no required capital expenditure or additional head count. Above Security's clients include small-to-medium-size enterprises as well as Fortune 500 companies in highly regulated industries, including financial services and government.
"Grenville is pleased to partner with Ray George Chehata and the team at Above Security," said William (Bill) R. Tharp, president and chief executive officer of Grenville. "Above Security's global customer relationships, industry-recognized service quality and growth over the last number of years provides Grenville with an attractive opportunity to invest in the high-growth managed security services sector. We are excited about Above Security's opportunities and are enthusiastic about our new partnership."
"We are very happy to partner with Grenville to address our strategic needs for future growth at Above Security," said Mr. Chehata, president and chief executive officer of Above Security. "This royalty-based investment allows us to properly address our financial needs to further accelerate our growth without diluting shareholder value. Grenville's efficiency and professionalism allowed us to streamline the funding process while remaining focused on our business operations."
Above Security represents Grenville's 16th investment since its inception in July, 2013. To date, Grenville has completed approximately $14.72-million in royalty financings across Canada and the United States.
About Above Security
Above Security is a privately held provider of managed security solutions based in Montreal, Que., with over 15 years of experience providing security services to networks of over 250 private and government-owned organizations in nearly 40 countries. Above Security's solutions deliver customized services for monitoring and protecting clients' critical and sensitive IT assets 24 hours a day, seven days a week. Above Security was founded in 1999, and has representative offices in North America, Europe and the Middle East. |
