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.
