|[February 13, 2018]
Avidbank Provides $7.5 Million Credit Facilities to Zumasys, Inc.
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology and asset-based lending, has provided $7.5 million in credit
facilities to Zumasys, Inc. The facilities include a working capital
line of credit and term debt that will be used to refinance existing
debt and provide ongoing working capital.
Founded in 2000 and headquartered in Irvine, California, Zumasys is a
leading provider of cloud computing solutions for business-critical
applications. Zumasys helps companies every size achieve computing
performance and reliability both on premises and in the cloud.
"From the moment we engaged with Avidbank's Business Development
Officer, it was clear this is a different type of senior lender," said
Paul Giobbi, President of Zumasys. "From the Chief Credit Officer to the
CEO, everybody we have met thinks likes a businessperson - not a banker,
and it is refreshing. We could not be happier with our decision to work
"We are very excited to be chosen by Zumasys to become their long-term
financial partner, and are proud that we were able to structure a loan
facility that supported their immediate and long-term goals," said
Darryl Karmen, Avidbank Specialty Finance, Senior Vice President,
Regional Manager. "We are very impressed with the Company's management
team and the strong corporate culture they have created, and we look
forward to building a lasting relationship."
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
Zumasys, Inc., is one of the fastest-growing technology companies in
the US. Zumasys offers innovative software solutions that enable
customers to preserve decades of investment in custom applications,
including MultiValue databases, while embracing the modern features
today's users demand. Its proven cloud platform is optimized for
high-performance business applications, accounting systems, and legacy
ERP applications. With Zumasys, customers get access to the industry's
best technologies with in-house, personalized support from a team of
experts they can trust.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180213005417/en/
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