Cambridge Broadband Networks Limited said it secured a $7 million line of credit from Silicon Valley Bank, the commercial banking division of SVB Financial Group.
Cambridge Broadband Networks Limited secures $7.0 million credit facility with Silicon Valley Bank
SANTA CLARA, Calif. and LONDON, UK –– 27 February, 2012 — Cambridge Broadband Networks Limited, a manufacturer of point-to-multipoint packet microwave backhaul solutions for mobile broadband network operators, today announced that it has secured a $7.0 million line of credit from Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology and life science companies worldwide.
Cambridge Broadband Networks has raised over $90 million from an investor syndicate including Amadeus Capital, Accel Partners, TVM and Samsung Ventures Europe. The financing from Silicon Valley Bank will be used to support the company’s continued growth and working capital needs.
Commenting on the deal, Graham Peel, CEO of Cambridge Broadband Networks, today said: “Silicon Valley Bank has a superb track record in helping companies to expand into new markets. The additional financing provides Cambridge Broadband Networks with the increased flexibility needed to manage our working capital requirements and represents another stepping stone towards achieving our goal of improving network capacity across the globe.”
Phil Cox, Head of UK, Europe and Israel for Silicon Valley Bank, added: “Silicon Valley Bank is an experienced player in financing technology companies throughout every stage of their growth. We are proud to support Cambridge Broadband Networks and the innovation industry worldwide. ”
Silicon Valley Bank is currently seeking regulatory approval to open a full banking branch in the UK in anticipation of providing local loans, deposits, cash management and working capital / trade finance support to clients.
SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK-based technology and life science companies of all stages of their development.
SVB Financial Group UK Ltd. provides access to financial services as well as SVB’s worldwide network of venture capitalists and partners. SVB Financial Group UK Ltd. aims to give European technology, life science companies and venture capital investors access to the same targeted financial services as their U.S.-based counterparts, including sources of diverse debt capital such as venture debt, acquisition financing, working capital, capital call lines, growth capital and capex financing. In addition, the UK team offers access to foreign exchanges services, trade finance and U.S. banking services.
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 provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com
About Cambridge Broadband Networks
Cambridge Broadband Networks provides telecommunications operators with carrier-class wireless point-to-multipoint transmission equipment. The company’s unique approach to backhaul means that its technology provides operators with a highly compelling business case, reducing backhaul costs by up to 60%.
To date, Cambridge Broadband Networks products have been commercially deployed and technically proven in more than 30 countries, and the company continues to expand into new geographical markets as wireless networks become more widespread throughout the world. Privately-held, Cambridge Broadband Networks has headquarters in Cambridge, UK, with offices in Nigeria and South Africa and manufacturing facilities in China. http://cbnl.com/