SAN JOSE, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology, sponsor finance and asset-based lending, has provided 3Q
Digital a $10 million asset-based line of credit to facilitate a buyback
from parent company and provide working capital to support growth.
Founded in 2008, 3Q Digital is a leading Silicon Valley digital
marketing agency offering search engine management, search engine
optimization, social advertising, mobile advertising, analytics and
business strategy. In 2015, 3Q Digital was acquired by marketing parent
Harte Hanks. The founders and team were retained after the sale and
given autonomy to run the business.
In early 2018, the original founders and shareholders led a buyback from
Harte Hanks in which Avidbank provided a $10 million line of credit to
finance the transaction and provide ongoing working capital. The buyback
allowed 3Q Digital to become a private digital agency once again.
“We are excited to support 3Q Digital’s new, independent phase in a high
demand marketplace,” said Larry LaCroix, Executive Vice President and
Head of Avidbank’s Specialty Finance Division. “Our partnership with 3Q
Digital allowed a top digital agency to go private and capitalize on the
impressive growth they achieved over the past three years.”
“It's been a pleasure working with the Avidbank team. They have been
proactive, organized, attentive, and professional. I'm excited
for what's ahead for 3Q Digital; with our independent status and
innovative drive and such a responsive, supportive partner by our side,
the sky’s the limit,” said Michelle D'Costa, VP of Finance, 3Q Digital.
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, sponsor finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
About 3Q Digital
3Q Digital is the growth partner for today’s most innovative brands,
including Square, ModCloth, SurveyMonkey, The RealReal, and Eventbrite.
If you’re interested in learning more about 3Q Digital’s digital
marketing services, please contact
us. 3Q Digital is based in Silicon Valley and has offices in
San Francisco, Chicago, New York, San Diego, Austin, Charlottesville,
Raleigh, and Burlington, VT.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180405005263/en/
Avidbank
Steve Leen, 408-831-5653
Chief Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.