Software business secures Silicon Valley Bank facility
June 26 2017
Wandisco, the Sheffield and California big data specialist, has signed a new debt facility with the Silicon Valley Bank.
The facility replaces an existing HSBC facility that is due to expire on 30 June 2017. The new facility will mature on 1 April 2021.
The facility comprises of up to $5m available as a term debt facility, with an interest-only period to 31 May 2018.
In addition, there will be up to $3m available through a revolving credit facility secured by qualified accounts receivable.
Erik Miller, chief financial officer of Wandisco, commented:”We are delighted to announce this new facility, with a term debt component to support our growth capital needs in a non-dilutive way, as well as a revolving line of credit that should improve operational cash flow as our revenues continue to grow.
“Silicon Valley Bank have provided finance to many successful technology companies and we are pleased to have secured them as our partner.”
Wandisco has made major progress this year, reducing losses by two thirds to $10m (£8.19m) in 2016 and winning large contracts for its newly-launched big data product Fusion.