September 11, 2012

With Horizon Tech funds, Boston firm expands

Boston's SimpleTuition Inc., which two weeks got a $5 million venture loan from a Farmington financier, has acquired ValoreBooks of San Diego, Calif., for an undisclosed sum, MassHighTech.com reports.

Horizon Technology Finance Corp. in Farmington announced Aug. 30 the closing on its loan to SimpleTuition, an online financial aid resource.

The cash and stock purchase of ValoreBooks, an online textbook marketplace "was fairly competitive and we felt it was a great price," SimpleTuition Co-Founder and CEO Kevin Walker told MassHighTech.com.

Walker said SimpleTuition planned to expand its tools and services and Horizon's financial backing would increase the company's liquidity.

The recent acquisition of ValoreBooks, Walker said, is a "great fit."

ValoreBooks was founded in 2002 by Bobby Brannigan who served as CEO. Under the new corporate structure, Brannigan will lead the ValoreBooks business and he and his staff relocated from California to Boston.

Horizon provides secured loans, venture capital and private equity to development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries,

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