PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology and asset-based lending, has provided Auxilio with $14
million in acquisition financing and has renewed an existing line of
credit.
Auxilio, Inc., based in Mission Viejo, California, is a leading provider
of complete document workflow solutions and IT security services for the
healthcare industry across the U.S.
“With Avidbank as a trusted partner, Auxilio was able to expand our
reach in healthcare IT security with the acquisition of CynergisTek,
putting us in an immediate leadership position in that category,” said
Joe Flynn, CEO of Auxilio. “Avidbank was instrumental in the acquisition
transaction, and we appreciated their support and expertise throughout
the process.”
“We are pleased to assist Auxilio with their growth and to support them
as they expand their market leadership. Our ongoing and mutually
beneficial relationship with Auxilio is a prime example of our ability
to advance our clients’ success on a long-term basis,” stated Jon
Krogstad, Senior Vice President of Avidbank Specialty Finance, who led
the transaction.
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, specialty
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.
About Auxilio
Auxilio (www.auxilioinc.com)
provides complete document workflow solutions and IT security services
to healthcare organizations across the United States. Auxilio has helped
its clients save more than $80 million since 2004 by providing solutions
which lower costs, improve operational efficiency and enhance security.
Auxilio’s iPLATFORM, an intelligent workflow automation suite delivers a
customer driven, vendor neutral approach to secure patient health
information, reduce waste and drive additional savings opportunities.
Auxilio serves a national portfolio of nearly 220 hospital campuses and
manages over 1.5 billion documents annually from over 90,000 devices
supporting over 280,000 caregivers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170130005280/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.