Term Loan is First Transaction under Group Co-Heads
WASHINGTON, DC—June 29, 2011—ORIX Venture Finance, a leading provider of growth capital to mid- and late-stage private companies, today announced it has closed a $12.5 million customized debt financing with DVTel, Inc. a multiple award-winning market leader in Smart Security Solutions for video surveillance. This financing will be used to refinance debt and support the growth plans of the Ridgefield Park, N.J.- based company. It also marks the first facility to close under the leadership of Michael David and William Bishop, the recently-announced new Co-Heads of ORIX Venture Finance.
DVTel’s software solutions enable enterprise clients to leverage their existing network infrastructure for surveillance and monitoring of physical assets and facilities, which increases the ROI to its customers. DVTel also offers a range of security IP cameras and video encoders and recently launched a comprehensive mobile app which provides a real-time monitoring and recording platform that is highly controllable from the field, and available for the Apple, Android and Windows operating systems with Google Earth integration.
ORIX Venture Finance continues to be very active in the Mid-Atlantic region and the DVTel financing is a result of its efforts there. “DVTel has a compelling product offering in an exciting market,” said Jeff Bede, Principal in ORIX Venture Finance’s Washington, D. C. office, who led this transaction. “We are delighted to complete this financing and to have the opportunity to partner with SCP Partners, who has been instrumental in DVTel’s prior growth and success. We look forward to working with this experienced management team.”
“We’re pleased that ORIX Venture Finance has demonstrated its confidence in our business model,” said Yoav Stern, DVTel’s CEO. “We believe it is crucial to have committed financial partners that understand our market, growth and financing needs.”
“Adding ORIX Venture Finance as a financial partner is a very positive step for both DVTel and SCP Partners,” noted Edmundo Gonzalez, Principal at SCP Partners. “ORIX Venture Finance’s commitment to adapt to its clients’ evolving needs and to offer flexible capital solutions is a great fit for us.”