Horizon Technology Finance Provides $15 Million Venture Loan Facility to Alula
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $13 million funding of a $15 million venture loan facility to Alula Holdings, LLC. This facility aims to refinance existing debt and provide additional working capital. Alula specializes in security systems aimed at professional distributors, boasting partnerships with over 3,500 security dealers in the U.S. Horizon's President noted Alula's strong market position and potential for growth in the security segment, emphasizing the company's advanced technologies. This financial support is expected to enable Alula to expand its security solutions portfolio.
- Funding of $13 million in a $15 million loan facility to Alula.
- Alula's strong market position with over 3,500 security dealers.
- Potential for growth in the residential and small business security sectors.
- The remaining $2 million of the loan facility has not yet been funded.
FARMINGTON, Conn., Dec. 30, 2020 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has funded
Alula designs and manufactures security systems sold exclusively to professional distributors and dealers, offering them a complete end-to-end solution that integrates hardware and interactive services for a seamless security, automation and video experience. Alula currently partners with over 3,500 security dealers in the U.S., and its products can be white labeled for the dealer or carry the Alula brand. The company was founded by ABS Capital Partners and Adams Street Partners.
"With its integrated technological capabilities and its strong partnerships with security dealers, Alula is well positioned to enhance its stake in the multi-billion dollar residential and small business security segment," said Gerald A. Michaud, President of Horizon. "Alula's advanced wireless and 5G ready capabilities position the company to succeed in both the rapidly expanding do-it-yourself market, as well as the legacy do-it-for-me market of more traditional security. We are pleased to further support Alula as it executes on its future growth initiatives."
"We appreciate Horizon's support of Alula and our innovative security technology," said Brian McLaughlin, Alula's Chief Executive Officer. "With most Americans continuing to spend more time at home, the need for effective security is more vital than ever, and the connectivity of our security solutions ideally position us to gain market share. Horizon's support of Alula will enable us to add new features to our platform and further expand our suite of security solutions."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
About Alula
Alula is the only all-in-one security and home automation platform purpose-built for today's independent security and installation professionals. From sensors to hub to network, Alula offers a complete, end-to-end solution and one accountable partner. Today, thousands of partners across North America have over 300,000 active locations secured and connected with Alula. Designed for professionals, the Alula platform provides a complete security, automation and video solution for renters, homeowners and commercial installations. Alula is a business-driven platform designed to reduce truck rolls, increase RMR, simplify inventory and put today's professional providers in control of their business, their customers and their revenue. The Alula platform is available nationwide through distributors that cater to the alarm and integrator industry. For more information about Alula, visit https://alula.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation
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