Daily News: April 7, 2015

Bridge Provides $20MM in HotSchedules Facilities

Bridge Capital Holdings’ Technology Banking team provided a combination of credit facilities and working capital advances totaling $20 million to HotSchedules (fdba Red Book Connect), a global software as a service provider for the restaurant, retail and hospitality industries.

“We’re thrilled to partner with the team at HotSchedules as they continue to expand their product portfolio and service a growing customer base,” said Mike Lederman, SVP and region director for Bridge Bank. “They’ve continued to consistently reach key milestones as they scale, and we’re excited that Bridge Bank can help them in their next phase of growth, added Lederman. Bridge Bank provided $20 million in financing to HotSchedules, including a venture debt facility and a working capital line of credit.”

“The Bridge Bank team invested considerable time gaining an understanding of our target markets, strategy and growth prospects,” said Anthony Lye, president and chief executive officer of HotSchedules. “We appreciated their responsiveness and expertise providing financing based on a SaaS revenue model, and we look forward to their support as we continue to grow, he added. HotSchedules will use the combined credit facility to fund continued product development as well as sales and marketing initiatives.”

HotSchedules provides mobile, cloud-based technology for the restaurant, retail and hospitality industries.