Avidbank Specialty Finance provided a $10 million asset-based line of credit to 3Q Digital. The financing will be used to facilitate a buyback from its parent company and provide working capital to support growth.
Founded in 2008, 3Q Digital is a digital marketing agency offering search engine management, search engine optimization, social advertising, mobile advertising, analytics and business strategy. In 2015, 3Q Digital was acquired by marketing parent Harte Hanks. The founders and team were retained after the sale and given autonomy to run the business.
The buyback will allow 3Q Digital to become a private digital agency once again.
“We are excited to support 3Q Digital’s new, independent phase in a high demand marketplace,” said Larry LaCroix, executive vice president and head of Avidbank’s Specialty Finance Division. “Our partnership with 3Q Digital allowed a top digital agency to go private and capitalize on the impressive growth they achieved over the past three years.”
“It’s been a pleasure working with the Avidbank team. They have been proactive, organized, attentive, and professional. I’m excited for what’s ahead for 3Q Digital; with our independent status and innovative drive and such a responsive, supportive partner by our side, the sky’s the limit,” said Michelle D’Costa, vice president of Finance at 3Q Digital.
