CIBC Innovation Banking Leads Senior Syndicated Debt Commitment for Yipit, LLC

Rhea-AI Summary

CIBC Innovation Banking has led a senior syndicated debt commitment for Yipit, a New York-based alternative data insights provider. The debt facility aims to support YipitData's growth and leadership in the alternative data sector. YipitData analyzes billions of data points daily, offering insights on over 2,000 companies to investment funds and large corporations. This new facility replaces an existing credit arrangement, reducing borrowing costs and providing greater financial flexibility. YipitData's existing investors include Carlyle and Norwest Venture Partners.

Positive

• CIBC Innovation Banking leads a new debt facility for Yipit, aimed at supporting growth.
• The new debt arrangement reduces Yipit's borrowing costs.
• YipitData provides insights on over 2,000 companies, important for investment funds and corporations.
• The facility offers financial flexibility and demonstrates business strength.
• Strong backing from existing investors Carlyle and Norwest Venture Partners.

Negative

• No immediate maturation threat for the previous credit facility suggests the new arrangement may have been unnecessary.
• Potential risks associated with increased debt, despite lower borrowing costs.

NEW YORK--(BUSINESS WIRE)-- CIBC Innovation Banking is pleased to announce that it recently acted as the lead arranger and an administrative agent on a debt facility for New York-based Yipit, LLC (YipitData), the trusted source of alternative data insights for investment funds and large corporations.

YipitData’s platform analyzes billions of data points every day to provide accurate, detailed insights and reports on over 2,000 companies providing mission-critical data for investment funds and large corporations.

“We are excited to extend our partnership with the YipitData team as they continue their growth and leadership within the alternative data space,” said Imran Premji, Managing Director, CIBC Innovation Banking. “Our main goal was to provide the company with flexibility for the road ahead, and this syndicate has the ability to scale with the Company as needed. We look forward to many more years of successful collaboration ahead.”

“We are thrilled to continue our partnership with CIBC and thankful for the support of the bank group,” said Steven Seperson, CFO, YipitData. “While our previous credit facility was not set to mature for another few years, we took this opportunity to reduce our borrowing costs. This new debt commitment demonstrates the strength of our business and provides us with the flexibility to support our strategy.”

Existing investors include Carlyle (NASDAQ: CG), and Norwest Venture Partners.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About YipitData

YipitData is the trusted source of alternative data insights for investment funds and large corporations. We analyze billions of data points every day to provide accurate, detailed insights on ridesharing, e-commerce marketplaces, payments and more. Our on-demand insights team uses proprietary technology to identify, license, clean and analyze the data many of the world's largest investment funds and corporations depend on. YipitData is proud to have created a culture that prizes mastery, ownership and purpose. For more information, visit YipitData.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240612310335/en/

Beth McKay, beth.mckay@cibc.com, 416-552-1391

Source: CIBC Innovation Banking

FAQ

What did CIBC Innovation Banking announce about Yipit?

CIBC Innovation Banking announced it led a senior syndicated debt commitment for YipitData.

How many companies does YipitData provide insights for?

YipitData provides insights on over 2,000 companies.

Who are the existing investors in YipitData?

Existing investors include Carlyle and Norwest Venture Partners.

What was the benefit of the new debt facility for YipitData?

The new debt facility reduces borrowing costs and offers financial flexibility.

What is the significance of CIBC Innovation Banking's role in YipitData's financing?

CIBC Innovation Banking acted as the lead arranger and administrative agent, indicating strong financial backing and support for Yipit's growth.