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CarData Receives Growth Investment from Spruce Grove Capital

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TORONTO, March 23, 2021 /CNW/ - IJW & Co. ("IJW") is pleased to announce that it acted as the exclusive financial advisor to CarData Consultants ("CarData"), a leading North American provider of vehicle reimbursement software, in securing growth investment from private investment group, Spruce Grove Capital ("SGC"). The growth funding will accelerate CarData's continued expansion within the corporate vehicle reimbursement market throughout North America.

Founded in 1999, and headquartered in Oakville, Ontario, CarData's suite of SaaS solutions provides a fully managed IRS compliant reimbursement program through a robust database, premium service, and leading-edge technology consisting of mobile mileage tracking and a comprehensive reimbursement calculator.

"CarData has made significant progress toward our strategic objectives in recent years. We've been building a strong sales and marketing function while focusing on strengthening our delivery capabilities," said John Domsy, Founder of CarData. "CarData continues to grow its innovative platform, including impressive new Fortune 500 logos. We believe the Company is well-positioned for future success."

"The longevity and success of CarData in the vehicle reimbursement software market was what intrigued us about the business. We've followed John and the CarData story and are extremely impressed with what the team has built," said Michael and Sheret, Partners, Spruce Grove Capital.

"John and the CarData Family have quietly built a beautiful business" said Giancarlo Petroro, Managing Director at IJW. Sami Kabir, Vice President at IJW, added, "We knew the team at SGC before the transaction and could not think of better partners for CarData." In addition to IJW & Co., Ltd. acting as exclusive M&A advisor to CarData, Dentons Canada LLP acted as legal advisors. Stikeman Elliot LLP acted as legal advisors to Spruce Grove Capital.

About CarData

CarData provides vehicle reimbursement plans for mid-size to Fortune 500 corporations. Technology-focused solutions featuring Smart DataBases®, cloud computing, and SaaS; and built on Client Service first model. The CarData plans are non-taxable, geographically sensitive, and offer savings for companies moving from company cars, cents per mile, or flat taxable plans. Plans offer outsourced or in-house administration tailored to each business's needs.

About IJW

IJW is a leading Canadian boutique investment bank that provides mergers & acquisitions, business valuation, and corporate finance advisory services to middle-market companies. Our team of professionals helps clients develop sound exit, acquisition and financing strategies to maximize value and achieve long-term corporate goals.

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View original content:http://www.prnewswire.com/news-releases/cardata-receives-growth-investment-from-spruce-grove-capital-301253365.html

SOURCE IJW & Co.

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View original content: http://www.newswire.ca/en/releases/archive/March2021/23/c6126.html