US$5 Million Credit Facility for Augme from Silicon Valley Bank

May 10
10:39 PM 2013

Augme Technologies, Inc together with its fully owned subsidiary, Hipcricket, Inc divulged to the public last Friday that it was able to get a credit facility on its accounts receivable from the Silicon Valley Bank. The credit facility has a two year period that permits Augme to loan up to US$5 million depending on a preset formula in the Credit and Security contract.

Augme Chief Executive Officer, Ivan Braiker disclosed, "The accounts receivable facility is an efficient way for Augme to access cash without diluting equity."

Mr. Braiker also added, "Our strong relationships with Silicon Valley Bank helped us to secure this non-dilutive financing option, as we prepare for the next stage of growth at Augme."

Augme Technologies, Inc holds office in Kirkland, Washington and operates in Atlanta, Chicago, Dallas, Los Angeles, Miami, New York City and San Francisco. Together with its fully owned subsidiary, Augme provides its clientele an engagement policy which authorizes brand names, media agencies and other agencies to build their own clientele, push loyalty and boost their sales all by the usage of mobile.

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