Daily News: July 17, 2014

Avidbank Provides Panasas Credit Line

Avidbank Corporate Finance, a division of Avidbank that specializes in technology and asset-based funding, has provided Panasas a $10 million working capital line of credit.

“We are very excited to be the financial partner for Panasas,” stated Avidbank Corporate Finance, head of business development, Jeffrey Javier. “We are very impressed with the management team and the company’s investors. We look forward to a strong and mutually beneficial relationship.”

Stephanie Vinella, chief financial officer of Panasas, commented, “We are excited to partner with Avidbank as we execute on the growth opportunities in scale-out storage. They understood our business plans and provided us with a very tailored and flexible credit solution.”

Sunnyvale, CA-based Panasas is a provider of hybrid scale-out storage solutions for big data workloads.