City National, Bridge Provide Revolver to RSi
Retail Solutions (RSi) said it entered into a new credit facility with City National Bank and Bridge Bank that provides for a $16 million revolver to support continued geographic expansion, enabling the company to better sell, market and support its client base of more than 500 consumer products goods companies around the world. The facility provides for a $16 million revolver to support the continued geographic expansion of RSi, enabling the company to better sell, market and support its client base of more than 500 leading consumer products goods companies around the world.
With a reputation for providing innovative banking that serves the entrepreneurial spirit of Silicon Valley, and for crafting flexible financing solutions for its clients, Bridge Bank, along with City National Bank, saw an opportunity to fund the continued growth of RSi. In a few years, RSi has grown to serve more than 500 CPG companies, including nine of the top 10 global consumer goods companies, and processes data from more than 80 leading retailers in 130 locations worldwide. The company has experienced 57 months of consecutive increases in monthly recurring revenues and is recognized as one of the fastest-growing private companies in the San Jose metro area.
“We have seen and supported RSi’s evolution from its roots in data analytics to a sophisticated, Big Data cloud company with solid customer growth, a strong presence in nine countries, and impressive recurring revenues,” said Derek Almeida, vice president and relationship manager in Bridge Bank’s Technology Banking division. “We look forward to our continued partnership and helping RSi get to the next level in its global growth trajectory.”
“We are excited to join Bridge Bank in continuing the funding of RSi and the tremendous market opportunity before them,” said Rod Werner, managing director of technology and venture capital banking at City National Bank. “RSi’s strategy, vision and superior technology platform is democratizing retailer data and forever changing the retailer suppler relationship and the CPG industry as we know it.”
Peter Rieman, COO of RSi, said, “Access to this credit facility will greatly strengthen our capacity to carry out our immediate strategic growth plans,” said Peter Rieman, COO of RSi. “Having trusted financial partners such as Bridge Bank and City National Bank, we can make the necessary moves to grow and meet the requirements of our large customer base.”
Retail Solutions is a global provider of Big Data/predictive analytics for the consumer packaged goods industry.