Boston Technologies announced today that it closed its first round of institutional financing, in an All Debt Finance deal with Bridge Bank and Gold Hill Capital, for $2.5 Million.
The company, founded in 2007, has been self-financed and profitable every year since its inception. In the past 12 months, Boston Technologies has more than doubled its revenue, grown its headcount aggressively by adding 38 technology professionals and continues to hire in its main three locations, Boston, New York and London.
Founder and CEO, George Popescu, an MIT graduate, is known in the industry for inventing the Liquidity Bridge, which integrates the industry-leading MT4 Forex trading platform directly to 40 global banks, brokerages and ECNs. He expressed his satisfaction with the agreement by saying, “We are growing very rapidly and we have phenomenal opportunities in our pipeline. This capital will allow us to continue to invest in the infrastructure and personnel needed to be able to cater to these opportunities, as well as to our existing clients. By renewing our commitment to providing robust, reliable solutions with a sharp focus on quality, we will continue to capture new business and meet the growing needs of our clients. It is an exciting time to be in this industry and I believe that our exceptional team is our biggest asset in delivering value to the global trading community.”
Dick Sweeney, Northeast Market Manager at Bridge Bank stated, "We are proud to assist Boston Technologies as it continues to develop innovative connectivity and trading solutions for the foreign exchange market." He added, "Bridge Bank is committed to providing companies like Boston Technologies with the critical working capital and other banking services necessary to fuel their growth needs."
Richard Morris, Boston Technologies, CFO said, “This was an outstanding deal. We are proud of our bootstrapped culture and organic growth path and a 100% debt financing deal with a combination of senior and subordinate debt measures, together with the teams at Gold Hill Capital’s and Bridge Bank, created a compelling opportunity for us.”
Dave Fischer, a founding partner of Gold Hill Capital, who negotiated the deal with Mr. Morris added, “We are very pleased to be part of the Boston Technologies growth plan. BT’s team and product offering are exceptionally well-positioned to successfully serve a rapidly growing financial retail foreign exchange trading global market.”
Boston Technologies is headquartered in downtown Boston with additional offices in New York City, London and Jerusalem. You can learn more about Boston Technologies at http://www.bostontechnologies.com.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National Association. Bridge Capital Holdings was formed on October 1, 2004 and holds a Global Select listing on The NASDAQ Stock Market under the trading symbol BBNK. For additional information, visit the Bridge Capital Holdings website at www.bridgecapitalholdings.com.
About Bridge Bank's Technology Banking Division
With a growing nationwide web of offices and a correspondent banking network that stretches worldwide, Bridge serve venture-backed and non-venture–backed companies from inception to IPO. www.bridgebank.com.
About Gold Hill Capital
Gold Hill Capital is an independent, private venture firm focused on providing debt and equity capital to companies within the technology and life science industries. Gold Hill is capitalized by top-tier institutional investors with aggregate investment capital of approximately $1 billion deployed over two funds.