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I.D. Systems Closes $7.5MM With Siena Lending Group

December 28, 2015, 07:51 AM
Filed Under: Technology

I.D. Systems, Inc., a leading provider of wireless solutions for the Industrial Internet of Things, has signed a loan and security agreement for a revolving credit facility of $7.5 million, with a maturity date of December 18, 2017. An SEC filing on Dec. 23 notes the facility was establsihed with Siena Lending Group.

“While we have no outstanding debt and a stable cash position, establishing this new credit facility is a positive and proactive measure we’ve taken to provide the company with additional financial flexibility,” said I.D. Systems CFO, Ned Mavrommatis. “The credit facility will better position us to take advantage of the increasing demand for our Internet of Things technologies.”

Headquartered in Woodcliff Lake, NJ, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including industrial vehicles, rental cars, trailers, containers, and cargo.  The company’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability.

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