Finance Facility with Silicon Valley Bank
NetDimensions (LSE AIM: NETD; OTCQX: NETDY), a global provider of enterprise-class performance, knowledge and learning management systems, is pleased to announce a US$5million Finance Facility with Silicon Valley Bank ("SVB").
SVB is a leading provider of finance to the world’s most innovative companies with over US$23billion in assets, 1600 employees and provides commercial and international banking through 34 locations worldwide. SVB’s diverse financial services, knowledge, global network and world class service will be of great value to NetDimensions during this investment phase as the Company embarks on its multi-year Business plan to substantially increase sales revenues.
The Finance facility comprises of two types of facilities, a Working Capital Line and a Term Loan.
The Working Capital Line is up to US$1.5million in the first year increasing to US$2million on the first anniversary. This facility is for 24 months.
The Term Loan is up to US$3million with a 36-month term.
To secure the Finance Facility the Company has provided collateral in the form of fixed and floating charges on all assets.
The SVB facility follows on from the highly successful share placing in May of this year which raised US$6million net of fees. On the back of the share placing the Company commenced its multi-year Business plan to substantially increase sales revenues, targeting US$50million in annual sales revenues within 5 years. To achieve this target the Company, in addition to investing for organic growth under the current Business plan, intends to pursue additional selective acquisitions that bring complementary offerings in terms of market reach, technology, products or services.
The Company now has financial facilities in place providing headroom of approximately US$14million in funding to pursue its business plan and accelerate investment to drive growth. The Company intends to use the SVB facility for funding its acquisition strategy.
Teresa Li, Managing Director, Silicon Valley Bank, commented:
"Silicon Valley Bank is very excited to have the opportunity to support NetDimensions’ global expansion plan. We are committed to be NetDimensions’ long term trusted advisor and look forward to growing with the Company over time."
Matthew Chaloner, Chief Financial Officer of NetDimensions, commented:
"We are delighted to be partnering with SVB. The facility provided by them gives us the flexibility along with our existing cash resources to accelerate investment into the business and pursue our acquisition strategy as part of our business plan. We are looking forward to working with SVB in the future and driving the business forward."
For further information:
|NetDimensions (Holdings) Limited
|Tel: +852 2122 4500|
|Panmure Gordon (UK) Limited
Nomad & Broker
|Tel: +44 20 7886 2500|
|Walbrook PR Ltd
Financial Public Relations
|Tel: +44 20 7933 8792
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank is authorised and regulated by the California Department of Financial Institutions and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
Established in 1999, NetDimensions (AIM: NETD; OTCQX: NETDY) is a global provider of performance, knowledge and learning management systems. NetDimensions’ flagship product line, the NetDimensions Talent Suite, enables companies, government agencies and other organizations to personalize learning, share knowledge, enhance performance, foster collaboration, and manage compliance programs for employees, customers, partners and suppliers.
Recognized as one of the talent management industry's top-rated technology suppliers in overall customer satisfaction, NetDimensions has been chosen by leading organizations worldwide including ING, Cathay Pacific, Hunter Douglas, Chicago Police Department, Delphi Automotive, Progress Software, and Fresenius Medical Care.
NetDimensions is ISO 9001 certified and NetDimensions hosted services are ISO 27001 certified. For more information, visit www.NetDimensions.com