Daily News: August 6, 2013

Avidbank Provides $1.75MM Credit Line to Akademos

Avidbank Corporate Finance, a Division of Avidbank that specializes in technology and asset-based funding, provided Akademos with a $1.75 million working capital line of credit.

Akademos, an education technology company founded in 1999 and located in Norwalk, CT, is a full-service online bookstore and marketplace serving students and faculty at hundreds of educational institutions across the country. Their direct-to-student business, TextbookX.com, is an ecommerce bookstore, selling textbooks, bestsellers and merchandise. It also partners with colleges, universities and private high schools to provide custom virtual bookstore services and eLearning solutions.

“I am delighted we were able to put this facility in place for Akademos,” said Avidbank Corporate Finance executive vice president, Mike Hansen. “They have built a quality team with extensive experience and insight into this business, and have grown at an impressive rate. We appreciate the opportunity to contribute to their continued success.”

“We are pleased to be working with Avidbank. They took the time to understand the nuances of our business and space to create financing that works for us,” stated John Squires, CEO and president of Akademos. “We are looking forward to a long-term relationship with them.”