BDC Capital’s Growth & Transition Capital division has provided non-dilutive financing to Pandell Technology Corp, a Calgary-based provider of software-as-a-service solutions to the energy industry. No financial terms were disclosed. Pandell will use the funds raised to manage its transition through the health crisis, which has impacted the company’s oil and gas clients.
CALGARY, November 16, 2020 – Pandell Technology Corporation (“Pandell”) of Calgary, Alberta has secured non-dilutive financing from BDC Capital’s Growth & Transition Capital division to help maintain its leading market position during the COVID-19 pandemic. Founded in 1997, Pandell is a pioneer of software as a service (SaaS) solutions to the energy industry across North America. The company has achieved continuous top-line growth since inception, completing eight acquisitions since 2005, with the latest being its asset purchase of PetroNet Systems this past October.
The reduction in oil demand globally from COVID-19 has had a direct impact on exploration and production companies, including many of Pandell’s clients. Pandell’s management team has implemented a robust strategy to preserve its market share, continue to advance product development and retain its highly sought-after technical and client relations personnel. BDC Capital provided the company with additional financial flexibility to support these endeavours.
“We had been in regular communications with BDC Capital over the years and when the opportunity presented itself, the BDC Capital team stepped up and moved quickly to provide funding to back Pandell’s operations and its ongoing growth plans,” says Greg Chudiak, President and CEO for Pandell. “The BDC Capital investment was key to enabling our team to remain focused on expanding market share and accelerating our product plans.”
This financing was arranged by Ameel Velji, Director, Growth & Transition Capital for BDC Capital in Calgary. “Thanks in large part to its exceptional management team and highly skilled staff, Pandell has established itself as the Canadian champion in enterprise management software for the energy sector,” says Mr. Velji. “BDC Capital is committed to supporting the technology ecosystem in Alberta and to strengthening companies like Pandell so that they can successfully manage through this time of great uncertainty while continuing to seek opportunities for growth,” adds Vern Malcom, Managing Director, Growth & Transition Capital for Southern Alberta and Manitoba, BDC Capital.
About Pandell Technology Corporation
Pandell is an industry leader in delivering Software-as-a-Service (SaaS) solutions to 500+ energy companies in Canada, the USA, and abroad. Our customers range from startups to major enterprises across energy sectors including oil & gas, pipelines, utilities, mining, and renewable energy. Our cloud-hosted product suite helps finance, land, and field operations run their business more effectively; while our enterprise division builds and manages large-scale web portal applications that facilitate work across organizations. Combining the strength of our industry experience, Lithium™ technology, and practical software subscription model, we are Crafting the Future of Energy Software.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions.Visit bdc.ca/capital.