KUHN CAPITAL Monday, March 19, 2018
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TICC-ing Away


We got so many deal announcements from Technology Investment Capital Corp. (Nasdaq: TICC) that we were finally compelled to check them out. Hereís the skinny: they must be the busiest financiers of smaller to mid-sized technology companies in the market today.

To wit, since its founding in 2003, Greenwich, CT-based TICC has placed dozens of notes (of various stripes) and some tranches of equity in a broad range of software, technical services and Internet companies. As an indication of its deal velocity, the firm has closed 11 transactions so far this year, averaging about $10M each. Some of the more recent deals feature Mortgagebot, Optimus, GenuTek, NetQuote, Climax Group and Whittmanhart.

With a marketcap of about $210M and a forward P/E of 10x, in the last 12 months TICC has generated a pre-tax profit or return or about $9.25M.

At its current rate of deal-making, TICCís cash war chest of $50M wonít last long: look for a secondary stock offering soon.

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