BILLLERICA, MA (December 9, 2009) - PlumChoice, Inc. today announced the closing of $10 million in bank financing with Silicon Valley Bank, adding to $14.7 million in equity financing that was closed during the third quarter of 2009. Both funding sources will support the company's rapidly growing premium remote technical services business. PlumChoice provides a customized and turnkey technology service solution designed to help channel partners build long-term customer relationships by providing 24x7 online repair and assistance for all their technology devices.
The company will use the new funds to expand its sales and marketing efforts as well as underwrite further development of its operations infrastructure.
"It is a major achievement to raise debt financing in such a difficult lending environment. Our success is directly related to the strength of our business model, the technology platform we have developed to deliver it, and the caliber of the clients that use our services," said Ted Werth, Founder, President and CEO of PlumChoice. "Silicon Valley Bank clearly saw the value, ongoing growth potential, and competitive advantages of the PlumChoice offering."
"This round of financing completes our current fund raising efforts," said Kevin Rhodes, Chief Financial Officer of PlumChoice. "At this point we are fully capitalized to continue our expansion in the coming year."
"PlumChoice has made impressive strides in the premium remote technology services space," said Jack Gaziano, Managing Director, Corporate Finance of Silicon Valley Bank. "We're proud to be the company's financial partner and look forward to helping it continue its growth."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Karen McPhillips, Vice President, Marketing
SSPR, for PlumChoice
The press release contains forward-looking statements regarding anticipated objectives, growth and/or expected product and service developments or enhancements. Such forward-looking statements may be identified by the use of the following words (among others): "believes," "expects," "may," "will," "plan," "should" or "anticipates," or comparable words and their negatives. These forward-looking statements are not guarantees but are subject to risks and uncertainties that could cause actual results to differ materially from the expectations contained in these statements. PlumChoice assumes no obligation to update any forward-looking statements contained in this press release in the event of changing circumstances or otherwise, and such statements are current only as of the date they are made.