NEW YORK & STERLING, Va. - (Business Wire) ORIX Venture Finance and SkyBitz Inc. announced today the closing of an $8 million loan, comprised of a $3 million A/R-based revolving loan and a $5 million senior secured term loan, to SkyBitz Inc., a leading provider of remote asset management solutions.
SkyBitz, headquartered in Sterling, VA, provides global remote asset management services that yield significant operational and customer-facing benefits through increased utilization of equipment and goods, integration and enhanced coordination with multiple players in the supply chain, in-transit asset visibility, fleet dispatch optimization, asset monitoring and control and security. By employing its unique Global Locating System (GLS) satellite technology and other wireless methods, SkyBitz enables the remote monitoring of the location and condition of a variety of ground-based assets tagged with SkyBitz devices. Asset owners and managers can view collected information from any web browser using the SkyBitz Insight online service.
SkyBitz is diversifying its technology portfolio to address an expanding variety of customer requirements. The company is also expanding internationally and has begun working with new industries such as energy, rail, intermodal freight and government.
Jeff Bede, Principal of ORIX Venture Finance, said, “As the financial markets continue to experience severe volatility, it’s more important than ever for promising and innovative companies to find a stable source of growth capital. We were drawn to SkyBitz’s compelling value proposition, high-quality equity sponsors and seasoned management team, and we are delighted to help them build on their success to date.”
“We are continuously measuring the needs of our customers and innovating our products and services to maximize customer potential and improve their bottom lines,” said Bob Blair, Chief Financial Officer of SkyBitz. “We have proven our leadership in satellite-based telematics for locating and monitoring un-powered assets in the trucking industry, and are now expanding our technology capabilities, the markets we serve and our global reach.”
The completion of the SkyBitz transaction emphasizes ORIX Venture Finance’s stability, confidence and continued success, despite the current state of the financial marketplace.
About ORIX Venture Finance
ORIX Venture Finance provides enterprise financing to mid- and late-stage venture-capital-backed companies via acquisition financing, expansion capital, working-capital term loans and credit lines, and equity co-investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet their unique needs. ORIX is a stable and reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. For more information, visit www.orixventurefinance.com.
About SkyBitz
SkyBitz is the leading remote asset management solution provider, delivering real-time asset location and status information to customers in the fields of transportation, energy, and government. SkyBitz offers a reliable, easy-to-use solution that provides clear visibility and assessment of remote assets anytime, anywhere around the globe. Throughout North America and Europe, more than 575 customers currently rely on cost-effective SkyBitz GLS technology to manage more than 160,000 assets to achieve total visibility, improve security, lower operating costs and enhance customer service. SkyBitz is a privately held company backed by CIBC Capital Partners, AIG Highstar Capital, Inverness Graham Investments, and Motorola Ventures and ITV, a fund of Cordova Ventures. For additional information, visit www.skybitz.com.
ORIX Finance
Christina Goethe, 212-497-4277
CGoethe@HL.com
or
SkyBitz, Inc.
Joanne Rasch, 202-277-3105
Joanne.Rasch@edelman.com
