FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Bridge Bank Provides $20MM in Financing to HotSchedules

April 07, 2015, 07:26 AM
Filed Under: Technology

Bridge Bank announced 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.

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.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.