Tideline Capital, a company that provides outsourced vendor financing services for the software industry, announced it has secured $105 million, and closed the first ever software receivables securitization facility.

The company will use the funds to underwrite installment payment agreements for the software purchases made by the customers of Tideline's clients. Wachovia Securities provided $100 million and Comerica Bank provided $5 million of the facility. Tideline also announced today that it has raised more than $10 million in equity commitments as part of a Series A round co-led by Voyager Capital and Odin Capital Group with participation from Windingo Partners. This funding will help expand the company's operations and support its financing activities. Law firm Morrison & Foerster LLP represented Tideline Capital in the deal.

Software is one of the only capital expenditures businesses must acquire with cash, reducing their ability to purchase software. "Companies want to finance their software purchases," stated Tom Kippola, Managing Director of The Chasm Group, a leading Silicon Valley-based strategy and marketing consulting firm serving the high-tech sector. "Vendors that offer a total solution value proposition will gain the greatest advantages in this competitive market." By partnering with Tideline Capital, software companies can now safely and reliably meet the purchasing needs of their customers with creative and flexible payment alternatives.