Seal Software Secures US$1m Working Capital Facility with Silicon Valley Bank
Seal Software Group, a provider of solutions to discover, capture, extract and manage contracts, has secured a US$1m working capital facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group and financial partner to technology and life science companies worldwide. The new financing will be used to support Seal’s working capital needs.
Mark Williams, chief financial officer (CFO), Seal Software, said: “We’re delighted to have this support and backing from Silicon Valley Bank. One of the implications of hyper-growth is the working capital requirements it drives. This facility enables us to leverage the credit ratings of the Fortune 1000 companies buying from us, allowing us to preserve our capital.”