Local Company Sells to the Fortune 1000

The Situation

LogicBay, a Providence-based provider of technology and business services that helps large companies improve their channel sales and service performance while lowering costs, was looking to further penetrate the Fortune 1000. It sought financing from the BDCRI to help implment an aggressive growth plan.

The BDCRI decided to assist with a five-year, $425,000 term loan.

About the Opportunity

While Fortune 1000 companies increasingly use customer relationship management (CRM) software to manage client accounts, such approaches often are little more than contact management systems that do little to influence sales performance.

LogicBay delivers results for manufacturers by increasing channel performance while driving down costs through the use of innovative technology and supporting managed services. Among other things, the company helps channels become better at selling, extends manufacturers' reach to channel service personnel, and helps end user customers properly use and maintain products

Why the BDCRI Got Involved

We decided to provide financing to LogicBay because:

1. It provides a sought-after, effective business solution to a highly demanding audience.
2. Founder and CEO John Panaccione had exceptional leadership skills and forged a strong management team.
3. The company showed that it could successfully move toward a subscription software-as-a-service business model, which would assure continued revenue flow.