Victory Park Capital Announces Credit Facility to Social Reality
Nov 03, 2014
CHICAGO – November 3, 2014 – Victory Park Capital (VPC), an asset management firm focused on middle market debt and equity investments, announced today that it has provided a $20 million credit facility to Social Reality, Inc. (Social Reality) (OTC: SCRI). Based in Los Angeles, Calif., Social Reality is a leader in automated digital platform technology and social management software for Internet advertising. The facility will fund Social Reality’s acquisition of Steel Media (Steel), a privately held company with a 14-year track record of providing display, mobile, video and email advertising inventory to top consumer brands and ad agencies, while also supporting the future growth initiatives and working capital needs of the combined businesses.
Social Reality and Steel are both service providers to the digital advertising industry, but serve opposite ends of the marketplace today. This important transaction creates a comprehensive and synergistic platform that will leverage existing technology and deep industry relationships at both companies to provide a comprehensive solution to the buy side and sell side segments of the digital advertising industry. Furthermore, the acquisition brings together the talented leadership teams of Social Reality and Steel, led by CEOs Christopher Miglino and Richard Steel, respectively. Miglino and Steel will continue to lead the new platform post-closing.
“VPC is excited to announce its partnership with Social Reality and to help facilitate this important milestone in the company’s growth plans,” said VPC Principal, Derek Ferguson. “Social Reality’s leading sell side platform and impressive technology solutions and Steel’s unparalleled campaign management services will only be enhanced by this strategic acquisition. Post-closing, the companies will deliver an even larger portfolio of attractive service offerings and domain expertise to existing and prospective customers throughout the burgeoning digital advertising industry. We look forward to working alongside Chris, Richard, and the full management team as the company continues to expand.”
About Social Reality
Founded in 2010, Los Angeles-based Social Reality, Inc. is an Internet advertising company that provides tools that automate the digital advertising market. The company has built technologies and leveraged partner technologies that service social media and the real-time bidding (RTB) markets. For further information, please visit www.socialreality.com, www.srax.com, or www.groupad.com
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco. For more information, please visit www.victoryparkcapital.com.