Siena Lending Group completed a $50 million asset-based revolving line of credit for Inseego. The facility was provided to ensure the company is well-positioned to capitalize on expected growth in the 5G landscape as the technology continues to accelerate toward commercial mass-adoption.
Founded in 1996 as NoveTel Wireless and based in San Diego, CA, Inseego is a global developer of wireless connectivity products and software services for carriers and enterprises. As an early entrant to the 5G fixed wireless access market, Inseego offers a broad portfolio of products and services tailored to enterprise customers, addressing a $40 billion addressable market-opportunity.
“We had examined a broad spectrum of potential lenders with both different types of organizations and types of approaches,” Bob Barbieri, chief financial officer of Inseego, said. “We were impressed with the professionalism, priority, capabilities and passion for partnering with Inseego as we assertively provide solutions for the large market for advanced 5G technologies. We look forward to Siena being a long-term important partner for our strategic success.”
“We are pleased to partner with Inseego as they prepare for this next cycle of compelling growth,” Nick Payne, managing director of originations at Siena, said. “In a world where connectivity becomes increasingly paramount in each passing year, Inseego will continue to raise the bar for enterprise applications in not only urban environments but also rural areas, where fiber and cable has historically been difficult to deploy in an efficient manner. It was a pleasure to work with Inseego’ s impressive management team and my compliments to their advisors, Crown Partners, for running a seamless and successful process on their behalf.”
“We ran an extremely competitive process and ultimately Siena separated themselves by crafting an optimal structure,” Evan Nadler, co-founder and managing partner of Crown Partners, said. “Siena delivered on everything that was promised and ran an impressive and efficient dual process of due diligence and legal documentation in order to meet the expedited time frame required to close this transaction. In the end, Siena not only fulfilled expectations, but in fact, exceeded them. We wish both Inseego and Siena the best on their new partnership.”