Siena Lending Group announced the completion of a three year, $7.5 million senior secured revolving credit facility for I.D. Systems, Inc. (“I.D. Systems”). The facility will be used for the future working capital needs.
Headquartered in Woodcliff Lake, New Jersey, I.D. Systems is a NASDAQ-listed company that develops, markets and sells wireless machine-to-machine solutions for managing and securing high-value enterprise assets.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to be able to provide I.D. Systems with the capital that they will need in a flexible structure that will allow them to continue to execute on their operating strategy.”
Ned Mavrommatis, Chief Financial Officer of I.D. Systems, said, “We are very pleased with Siena’s execution and flexibility in closing the transaction in a timely and efficient manner. Siena offered us a very flexible structure that will allow us to operate our business and manage our liquidity efficiently.”