Market data technology vendor HyperFeed has secured a $0.5 million line of credit from its incumbent financial institution Lakeside Bank.
The line of credit was issued at prime rate, and allows the company to borrow up to 80% of certain accounts receivable and 50% of net property, plant and equipment.
David Pinkerton, SVP Lakeside Bank, says the line was issued after reviewing HyperFeed's financial statements and business model, and interviewing its executive team.
Randy Frapart, HyperFeed's SVP and CFO comments: "This line of credit combined with our recently announced $1.4 million private placement and other initiatives, positions HyperFeed to continue offering its ticker plant technologies and consolidated data feed to financial institutions in a managed exchange platform services model. Extending our banking relationship is a major objective in the future."