AppFolio Garners $74,400,000 New Financing

  • Feed Type
  • Date
    6/26/2015
  • Company Name
    AppFolio
  • Mailing Address
    50 Castilian Drive Goleta, CA 93117 USA
  • Company Description
    AppFolio, Inc. (NASDAQ: APPF) is dedicated to premier customer service and innovative applications that are custom-designed for property management organizations, whether small or growing businesses. We blend the latest in Web-based software technology with carefully researched user-friendly designs that help you run your business smarter and more efficiently.
  • Website
    http://www.appfolio.com
  • Transaction Type
    IPO
  • Transaction Amount
    $74,400,000
  • Transaction Round
    Undisclosed
  • Proceeds Purposes
    The principal purposes of this offering are to obtain additional capital, enhance our financial flexibility, increase our visibility in the marketplace and create a public market for our Class A common stock. We intend to use the net proceeds from this offering primarily (i) to expand research and product development, customer service, and sales and marketing, including hiring new personnel across our organization, (ii) to maintain and expand our technology infrastructure and operational support, and (iii) for general corporate and working capital purposes. We also intend to repay $10.0 million of the indebtedness outstanding under our credit facility with Wells Fargo Bank, N.A. Our credit facility requires us to pay a prepayment premium of 2% of the amount prepaid in the event of prepayment from the proceeds of an initial public offering. Our credit facility matures in 2020, and borrowings bear interest at a fluctuating rate, as further discussed in the section entitled “Management’s
  • M&A Terms

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