CIBC Innovation Banking has provided a credit facility to Harbor Business Compliance Corp, a Lancaster, Pennsylvania-based technology company that helps nonprofits and businesses with licensing, tax and entity management solutions. No financial terms were disclosed. The proceeds were used to support Harbor Compliance’s acquisition of Labyrinth.
CIBC Innovation Banking is pleased to announce the funding of an acquisition credit facility for Harbor Business Compliance Corporation (d/b/a Harbor Compliance). Harbor Compliance is a technology company that empowers nonprofits and businesses with licensing, tax, and entity management solutions. Harbor utilized the new capital to finance its acquisition of Labyrinth, Inc.
Co-founded by Mike Montali and Megan Danz in 2012 and headquartered in Lancaster, Pennsylvania, Harbor Compliance has a proprietary software platform which provides efficient workflow and business process outsourcing services. They enable over 25,000 nonprofits and businesses to maintain compliance through the United States.
Labyrinth has similarly supported charitable organizations with fundraising registration services since its founding over 30 years ago. The unification of the two companies further strengthens the compliance solutions available to the nonprofit sector.
“Mike, Megan, and the Harbor team have been incredibly efficient in building their business,” said Charlie Kelly, US Technology Co-Head, CIBC Innovation Banking. “We were impressed with their operational and product strategy, and are pleased to be supporting their vision for continued growth by uniting their existing client base and technology with the service team and optimized workflows at Labyrinth.”
“Labyrinth’s exceptional service model and Harbor Compliance’s technology form an integrated solution that will further simplify licensing for our clients,” said Mike Montali, CEO, Harbor Compliance. “With CIBC Innovation Banking’s support, we are directly enabling our clients to better serve their missions.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.