Hospitality Software Company Gets 20 Million in Financing
SAN JOSE, CA–(Marketwired – Apr 7, 2015) – Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, a full-service professional business bank headquartered in Silicon Valley and with offices located nationwide, announced today that its Technology Banking team has provided a combination of credit facilities and working capital advances totaling $20 million to HotSchedules (formerly Red Book Connect), a global software as a service provider for the restaurant, retail and hospitality industries.
“We’re thrilled to partner with the team at HotSchedules as they continue to expand their product portfolio and service a growing customer base,” said Mike Lederman, senior vice president and region director for Bridge Bank. “They’ve continued to consistently reach key milestones as they scale, and we’re excited that Bridge Bank can help them in their next phase of growth,” added Lederman. Bridge Bank provided $20 million in financing to HotSchedules, including a venture debt facility and a working capital line of credit.
“The Bridge Bank team invested considerable time gaining an understanding of our target markets, strategy and growth prospects,” said Anthony Lye, president and chief executive officer of HotSchedules. “We appreciated their responsiveness and expertise providing financing based on a SaaS revenue model, and we look forward to their support as we continue to grow,” he added. HotSchedules will use the combined credit facility to fund continued product development as well as sales and marketing initiatives.
About Bridge Bank, National Association
Recognized by The Findley Reports as a Super Premium Performing Bank, and designated “Superior” by BauerFinancial and IDC, Bridge Bank is a full-service professional business bank founded in the highly competitive climate of Silicon Valley in 2001. From the very beginning, our goal has been to offer small-market and middle-market businesses from across many industries a better way to bank. Our technology banking division provides a broad range of financial solutions to venture-backed and non-venture-backed companies, enabling us to meet our clients’ varied needs across all stages of business life. It’s how we go about doing so that differentiates us from our competition. Bridge Bank’s product offering includes growth capital, equipment and working capital credit facilities and treasury management solutions, along with a full line of international products and services and financing secured by domestic, government and foreign receivables. Learn more at the new www.bridgebank.com. Follow us @BridgeBank.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National Association. Bridge Capital Holdings was formed on October 1, 2004 and holds a Global Select listing on the NASDAQ stock market under the trading symbol BBNK. Bridge Bank Holding Company was recently admitted to Sandler O’Neill’s Class of 2014 “Sm-All Stars” — a select group of 35 top-performing publicly traded banks and thrifts from throughout the U.S. with market capitalization of up to $2.5 billion. For additional information, visit the Bridge Capital Holdings website at www.bridgecapitalholdings.com.
HotSchedules provides mobile, cloud-based technology for the restaurant, retail and hospitality industries. The company delivers a comprehensive suite of cloud-based software designed to automate operational challenges such as recruiting, training, scheduling, business intelligence, shift communication, labor and inventory management. Its world-class products include HotSchedules, Jobsabi, Bodhi, Manager’s Red Book, Logbook, Macromatix and Schoox. HotSchedules is proud to serve more than 1.8 million users in over 110,000 locations across 26 countries. For more information visit: http://www.hotschedules.com.
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