San Diego headquartered Overland Storage, Inc. has informed that it has signed an ‘Accounts receivable financing pact’ with Marquette Commercial Finance.
Under the terms of the agreement, Marquette may finance up to $9 million of the company's domestic accounts receivable to provide the company with accelerated liquidity. The term of the deal is two years with annual renewals thereafter.
Overland Storage, Inc. delivers data protection solutions for backup and recovery systems worldwide. The company provides affordable end-to-end data protection solutions that are engineered to store smarter, protect faster and extend anywhere - across networked storage, media types, and multi-site environments.
Overland sells its products through leading OEMs, commercial distributors, storage integrators and value-added resellers.
The scrip of Overland Storage closed on Wednesday at $ 0.29, down 44% compared to previous close of $0.52.
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