Opus Bank, an FDIC insured California-chartered commercial bank, has today announced their intention to provide Say Media $20,000,000 in credit facilities following a competitive pitch against a number of other lenders and was awarded the transaction as a result of its deep understanding of Say’s technology and by providing the best structure for the company.
The deal was confirmed following Opus’ understanding of the transformation of the company’s offering to a provider of a state-of-the-art publishing platform that allows media properties to maximise their ad revenues.
The significance of such a transaction will provide permanent capital to support Say’s growth, particularly that driven by the success of the Tempest platform. It will also allow for the funding of working capital needed associated with the company’s revenue growth. The deal will retire an existing credit facility with a prominent technology bank.
Commenting on the deal, Say Media CEO and founder, Matt Sanchez said: “Say Media has been revolutionising digital media for the past decade. The company recently divested their owned and operated brands to focus on their publishing platform, Tempest, as well as global sales efforts in rich media and branded content.
“This transaction further solidifies Say’s position in the market and provides the liquidity needed to pursue strategic actions, including: engineering and site onboarding resources and the continued development of unique advertising solutions in the digital marketplace.”
About Say Media
Say Media is dedicated to supporting independent publishers through state of the art technology and a range of advertising solutions. Tempest, the company’s next generation content management system, caters to the needs of storytellers, marketers, and readers with editor-friendly smart layouts, premium advertising and device-agnostic article pages and is quickly becoming a sought after publishing solution for digital magazines around the world. And Say Media works closely with marketers, offering a range of premium advertising products and sponsored content solutions designed to align with editorial, captivate readers and flow seamlessly within the Tempest environment. www.saymedia.com.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $5.6 billion of total assets, $4.3 billion of total loans, and $4.3 billion in total deposits as of March 31, 2015. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial business, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow Company and RPM Investments divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its broker-dealer subsidiary, Opus Financial Partners. Opus Bank is an Equal Housing Lender. Opus Bank operates 58 banking offices, including two in the Phoenix metropolitan area of Arizona, 32 in California and 24 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.