PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Corporate Finance, a Division of Avidbank, has provided a
financing facility to Passkey International, Inc. (“Passkey”) of
Waltham, MA.
Passkey is the travel industry’s most recognized group reservation and
optimization technology provider. The Company’s core product, GroupMAX,
is the only Software as a Service (“SaaS”) solution that is deployed to
power reservations for all sizes of meetings across a wide range of
event settings including Convention & Visitor Bureaus (CVBs),
corporations, travel management companies, casinos, and both independent
and brand hotels. (www.passkey.com)
Founded in 1996, Passkey has grown to serve over 90% of the North
American CVB market and today GroupMAX is deployed at over 700 hotels
worldwide. Passkey’s clients include some of the largest travel
management companies, as well as major corporations that require the
ability to manage their housing and group reservations directly at
hotels worldwide.
“Passkey has been cash flow positive for nearly a decade,” stated Greg
Pesik, CEO and President of Passkey. “In light of our ongoing sales
expansion in both Europe and Asia, along with investment in our
technology, we sought a financial partner to contribute to and benefit
from our growth. Avidbank is the ideal partner. They took the time to
understand our business and were able to tailor-make a deal structure
that matched our needs. We are looking forward to a long-term
relationship with them.”
“I am pleased we were able to put this facility in place for Passkey,”
stated Avidbank Corporate Finance Executive Vice President, Mike Hansen.
“They are a good example of companies we like to work with as they are a
leader in their market place due to their strong management team. They
continue to demonstrate impressive growth. We look forward to a strong
and mutually beneficial relationship.”
About Avidbank
Avidbank Holdings, Inc. (OTCBB: AVBH), headquartered in Palo Alto,
California offers innovative financial solutions and services. We
specialize in the following markets: commercial & industrial, corporate
finance, asset-based lending, real estate construction and commercial
real estate lending, and real estate bridge financing. Avidbank advances
the success of our clients by providing them with financial
opportunities and serving them as we wish to be served – with mutual
effort, ingenuity and trust – creating long-term banking relationships.
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.