Daily News: March 21, 2014

Gibraltar Closes Facility for EDI Company

Gibraltar announced it closed a $1 million credit facility with an electronic data interchange company (EDI) that included a custom revolving line of credit and term loan to help support the EDI company’s exciting evolution.

The Boston-headquartered EDI software manufacturer, whose product integrates accounting systems between trading partners, had outgrown its existing factoring facility and needed a new lending partner to finance its rapid growth.

Gibraltar knew the company was well-positioned in a growing industry. Designed to streamline order placement, fulfillment, shipping and invoicing so small and mid-size businesses can better service larger trade partners such as WalMart and Home Depot, this company’s cloud-based EDI software was fulfilling a clear need in the future of the supply chain.

In addition to this deal, Gibraltar announced a $500,000 factoring facility to an Arizona-based manufacturer of alkaline water, and a $500,000 factoring facility to an Oregon-based manufacturer of powdered fruits and vegetables.