Seagull Software (AEX: SEAGULL) announced that tech-sector leader SVB Silicon Valley Bank has extended to the company a $4 million revolving line of credit for general corporate purposes in support of Seagull Software's business plans. This new credit facility replaces a $2 million working capital line of credit established in 2004.
The company has not utilized either line of credit to date, but is very pleased to have this resource at its disposal as organic and external business investment opportunities emerge.
"Silicon Valley Bank is one of the top financial institutions for the technology sector and they have been an excellent financial partner to Seagull Software for almost three years," said Don Addington, CEO and president for Seagull Software. "They have a clear understanding of the fast-paced tech environment and have provided us with ready access to capital so that we can react quickly to emerging opportunities", he added.
Seagull Software specializes in technology that transforms "legacy" applications into SOA-compliant Web services, helping enterprises achieve faster IT support for business change, governance and compliance. The LegaSuite(R) software platform includes integration, GUI, workflow and terminal emulation technology. LegaSuite is based on open standards including Web services, XML, J2EE and .NET. Committed to providing the best customer experience in the industry, Seagull Software's technology is in use in more than 10,000 business and government organizations in over 30 countries worldwide, and by millions of end users.
"With a relevant product portfolio and guided by a highly talented and experienced management team, Seagull Software is well-poised for success," said Nathan Ottinger, senior relationship manager for SVB Silicon Valley Bank. "We focus on providing emerging and established growth companies like Seagull Software with financial flexibility to achieve their business objectives."
About SVB Silicon Valley Bank
SVB Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, SVB 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 three international operations. SVB Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at http://www.svb.com.
Disclaimer:
SVB Silicon Valley Bank refers to Silicon Valley Bank, 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. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
About Seagull Software
Seagull Software specializes in technology that transforms "legacy" applications into SOA-compliant Web services, helping enterprises achieve exponentially faster IT support for business change, governance and compliance. Our LegaSuite(R) software platform includes integration, GUI, workflow and terminal emulation technology. With LegaSuite, customers connect legacy applications on IBM mainframe, VME mainframe, System i5, UNIX/VT and Windows client/server platforms to the Web, to other middleware and to newer- generations of applications such as portals, CRM and SCM. LegaSuite is based on open standards including Web services, XML, J2EE and .NET. Powerful and innovative tools require no coding, which means rapid results, reduced risk and no maintenance burden. Committed to providing the best customer experience in the industry, Seagull Software's technology is in use in more than 10,000 business and government organizations worldwide, and by millions of end users. Seagull Software has direct operations in the United States, Canada, the Netherlands, UK, France, and Germany, supplemented by distributors serving approximately 30 additional countries. For more information, visit http://www.seagullsoftware.com.
NOTE TO EDITORS: The correct usage of our company name is Seagull Software.
Forward-Looking Information: All statements in this press release which address operating performance, events or developments that we expect or anticipate will occur in the future, including statements expressing general optimism about future operating results and non-historical information, are forward-looking statements. These forward-looking statements are, and will be, based on management's then-current views and assumptions regarding future events and operating performance. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not necessarily limited to management's ability to manage growth, and hire and retain qualified employees; unpredictable customer demand; intense competition; rapid technological change; unpredictable market acceptance of new products; and market instability and/or reduction in software purchasing caused by exceptional circumstances.