SAN JOSE, Calif.--(BUSINESS WIRE)--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 with Avidbank.”
“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.