PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Corporate Finance, a Division of Avidbank that specializes in
technology and asset-based funding, has provided Panasas, Inc. a
$10,000,000 working capital line of credit.
Panasas, Inc., located in Sunnyvale, CA, is the premier provider of
hybrid scale-out storage solutions for big data workloads. Panasas
systems are optimized to deliver high performance, reliability and easy
management for highly demanding big data workloads in design and
discovery including bioscience, energy, finance, government, media,
manufacturing, and other core research and development sectors.
“We are very excited to be the financial partner for Panasas,” stated
Avidbank Corporate Finance, Head of Business Development, Jeffrey
Javier. “We are very impressed with the management team and the
company’s investors. We look forward to a strong and mutually beneficial
relationship.”
Stephanie Vinella, Chief Financial Officer of Panasas, commented, “We
are excited to partner with Avidbank as we execute on the growth
opportunities in scale-out storage. They understood our business plans
and provided us with a very tailored and flexible credit solution.”
About Avidbank
Avidbank Holdings, Inc. (OTCBB:AVBH), is headquartered in Palo Alto,
California. Our goal at Avidbank is to advance our clients’ success by
offering innovative financial solutions and service. Avidbank
specializes in the following markets: commercial and industrial,
corporate finance, technology and asset-based lending, real estate
construction, commercial real estate lending and real estate bridge
financing.
About Panasas
Panasas ActiveStor® hybrid scale-out NAS appliances drive enterprise
and research innovation by accelerating workflows and simplifying data
management. ActiveStor solutions leverage the patented PanFS® storage
operating system, delivering high performance and reliability at scale
from an appliance that is as easy to manage as it is fast to deploy. Now
in its fifth generation, ActiveStor is optimized for the most demanding
big data workloads in energy, government, life sciences, manufacturing,
media, and university environments and has been deployed in more than
fifty countries worldwide. For more information, visit www.panasas.com.
Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com
Source: Avidbank Corporate Finance