Daily News: May 9, 2013

SVB Provides Revolver to Augme Tech

Augme Technologies and its wholly owned subsidiary, Hipcricket, a technology provider in mobile marketing and advertising, announced that it secured an accounts receivable credit facility from Silicon Valley Bank. The revolving loan credit facility has a two-year term and allows Augme to borrow up to $5 million based upon a predetermined formula in the credit and security agreement.

“The accounts receivable facility is an efficient way for Augme to access cash without diluting equity,” said Ivan Braiker, CEO of Augme. “Our strong relationships with Silicon Valley Bank helped us to secure this non-dilutive financing option, as we prepare for the next stage of growth at Augme.”

Augme Technologies provides a customer engagement platform.