Daily News: February 13, 2018

Avidbank Provides $7.5MM Credit Facilities to Zumasys

Avidbank Specialty Finance, Avidbank’s technology and asset-based lending division, provided $7.5 million in credit facilities to tech company Zumasys. The facilities included a working capital line of credit and term debt that will be used to refinance existing debt and provide ongoing working capital.

Founded in 2000 and headquartered in Irvine, CA, Zumasys is a provider of cloud computing solutions for business-critical applications and serves companies of every size.

“From the moment we engaged with Avidbank’s business development officer, it was clear this is a different type of senior lender,” said Paul Giobbi, president of Zumasys. “Everybody we have met thinks likes a businessperson – not a banker, and it is refreshing. We could not be happier with our decision to work with Avidbank.”

“We are very excited to be chosen by Zumasys to become their long-term financial partner and are proud that we were able to structure a loan facility that supported their immediate and long-term goals,” said Darryl Karmen, senior vice president, regional manager of Avidbank Specialty Finance. “We are very impressed with the company’s management team and the strong corporate culture they have created, and we look forward to building a lasting relationship.”