CIBC Innovation Banking has provided undisclosed debt financing to Ruby Receptionists, a Portland, Oregon-based virtual receptionist platform.
The deal’s proceeds will support the company’s acquisition of ProfessionalChats, a U.S. managed online chat service, and other growth initiatives.
Founded in 2003, Ruby Receptionists’ technology enables personalized live virtual receptionist services for more than 8,000 small businesses in North America. It is backed by Updata Partners and StepStone Group.
Last year, PE Hub Canada interviewed Mark McQueen, the CIBC group’s president and executive managing director.
Ruby Receptionists secures acquisition financing and growth capital from CIBC Innovation Banking
CIBC Innovation Banking is pleased to announce a debt financing with Ruby Receptionists in support of its acquisition of ProfessionalChats and the company’s next stage of growth.
Ruby Receptionists is a leading technology empowered virtual receptionist serving over 8,000 small businesses across North America. Based on a growing demand for companies to have fast, reliable and convenient tools to communicate with consumers, Ruby has developed a web and mobile application that enables customers to put the front desk in the palm of their hand.
Since inception Ruby has operated as an extension of their customers businesses helping them scale, win new clients, service their customers and build meaningful relationships. The acquisition of ProfessionalChats, an industry leading live online chat services company, plays a strategic role in expanding Ruby’s ability to deliver on the company’s mission, no matter how their customers and potential new customers choose to engage.
“Ruby has developed a scalable platform where business owners are able to provide high-touch and responsive services to their customers delivered with few resources and staff. CIBC is excited to partner with the top caliber management team at Ruby as they continue to add value to their customers businesses. Ruby’s impressive track record of growth, as it transforms the way small businesses are able to engage with their customers, is a perfect example of the companies we are adding to our growing portfolio at CIBC Innovation Banking,” said Mark Usher, Managing Director & North America Market Leader, CIBC Innovation Banking.
“As Ruby evolves and expands its highly personalized services for small businesses, it’s important to find the right partners like CIBC that can grow and scale with us as we find new opportunities,” said Jill Nelson, Founder and CEO of Ruby Receptionists. “Our passion for helping the largest segment of the US economy succeed and maintain a competitive edge is as strong as ever, and the ProfessionalChats acquisition provides even more opportunities for small businesses to connect and engage with their customers anytime, anywhere.”
About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, CIBC Innovation Banking is a full-service business that delivers strategic advice and funding to North American innovation clients at each stage of their business cycle, from start up to IPO and beyond. CIBC Innovation Banking brings extensive experience and a strong, collaborative team that extends across commercial banking and capital markets in Canada and the U.S.
About Ruby Receptionists
Ruby’s innovative software and robust mobile app, paired with charming receptionists, provide a platform by which small businesses can create exceptional customer experiences to improve brand reputation, win new business, and build customer loyalty. Located in Portland, Oregon, Ruby has been giving small businesses a competitive edge since 2003 and has gained national recognition for its success, being named a FORTUNE magazine Best Small Company to Work for in the U.S., an Inc. Best Workplaces 2017, a 2018 PEOPLE Magazine Companies that Care, and one of Oregon’s fastest-growing companies for the past eleven years. In January 2015 Updata Partners, with co-investment from StepStone Group, acquired a majority stake in Ruby Receptionists.