Bridge Bank, a division of Western Alliance Bank, Member FDIC, announced that its Innovation Banking Group has provided a new $20 million credit facility to industry-leading digital accessibility company AudioEye, Inc. (Nasdaq: AEYE).
The largest portion of the credit facility is a new $12 million term loan that replaces AudioEye’s existing term loan. The new deal also includes a $3 million revolver and a $5 million delayed draw term loan for potential “tuck-in” acquisitions.
AudioEye combines AI-powered automation, custom fixes and developer tools to enable customers to detect and fix more accessibility issues than any other provider. Its automated accessibility platform, expert human services and flexible developer tools are aligned around one goal: Making the internet accessible for the 1 in 6 people globally living with a disability, according to the World Health Organization.
“AudioEye has a unique approach to making the digital world more accessible for everyone through sophisticated AI technology combined with input from the disability community,” said Francesco Corradino, director of Bridge Bank’s Innovation Banking Group. “We’re always excited to provide additional flexibility to pursue strategic opportunities through financing solutions for innovative companies like AudioEye.”
“Over the last few quarters, our operating leverage has become clear with material improvements in our credit profile,” said Kelly Georgevich, Chief Financial Officer of AudioEye. “The new credit facility features a reduced interest rate and added flexibility for strategic opportunities. We look forward to partnering with Bridge Bank and Western Alliance Bank through our next growth phase.”
Bridge Bank’s Innovation Banking Group supports technology companies at all stages of their life cycles with customized banking services and credit solutions to help them navigate rapidly changing environments.
