BOCA RATON, Fla., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Littlebanc Advisors, LLC today announced the completion of a $1.3 million Series B financing for HiConversion, a conversion rate optimization (CRO) solution allowing e-commerce merchants to convert a higher percentage of website visits into sales. A single institutional investor, LB Merchant HC-2, LLC, an affiliate of Littlebanc Advisors, made the investment. HiConversion is based in Boca Raton, Fla. Littlebanc Advisors acted as the sole placement agent and financial advisor.
The $1.3 million financing will allow HiConversion to expand its sales and marketing operations to support the continued growth of e-Optimizer™ 2.0, the company's most recent product launch. LB Merchant HC-2 will name an additional board member to HiConversion's board of directors. To date, Littlebanc has completed 11 transactions for Florida companies. This financing marks $30 million in growth capital that Littlebanc and LB Merchant have raised and invested for Florida companies.
"Since the company's first round of funding, HiConversion has continued to gain traction as a category leader in the conversion rate optimization space. This second capital raise will enable HiConversion to support its growth by expanding sales and marketing channels. We are pleased to announce that this is our eleventh transaction for a Florida company, and Littlebanc remains committed to funding high-quality, high-growth companies."
-- Michael Margolies, CEO, Littlebanc Advisors, LLC
About HiConversion
Founded in 2006, HiConversion is a disruptive, patented conversion rate optimization (CRO) solution that allows e-commerce retailers to convert a higher percentage of existing web traffic into online sales. Using statistical analysis and mathematical modeling, HiConversion allows e-tailers to quickly increase page conversion rates in real-time, and, as a result, increase revenues and decrease online marketing costs. HiConversion is offered as a pure SaaS service, delivering results that are dramatically faster, easier to use, and less expensive than available alternatives.
"We turned to Littlebanc for a second time because they understand the unique capital needs of smaller companies. Littlebanc's management team was again a dedicated advisor throughout the capital raising process, and their high level of professionalism ensured that we could quickly meet our funding needs. This round of financing will allow HiConversion to accelerate its sales and marketing efforts so we can expand our current software offerings."
-- Dr. Zee Aganovic, CEO, HiConversion
For more information, visit www.hiconversion.com.
About LB Merchant HC-2, LLC
LB Merchant HC-2, LLC, an affiliate of Littlebanc Advisors, LLC, is a merchant bank that invests in small, high-quality growth companies. LB Merchant HC-2, LLC takes an active approach to its portfolio companies and assists these companies in realizing their potential.
About Littlebanc Advisors, LLC
Littlebanc Advisors, a merchant and investment banking firm, specializes in funding high-quality small to mid-market growth companies. Littlebanc differentiates itself by focusing on unstructured deals sold to fundamental growth-stock investment funds. With its long-established Wall Street relationships, Littlebanc matches client companies with partner-minded investors. This fundamental focus fosters a stable and long-term shareholder base, minimizes capital dilution and enables Littlebanc to complete transactions quickly. For more information, visit www.littlebanc.com.
Littlebanc Advisors LLC, securities offered through Wilmington Capital Securities LLC, Member FINRA/MSRB/SIPC.