MADISON, Wis., Dec. 11 /PRNewswire/ — TrafficCast International, Inc., the foremost developer of real-time and predictive traffic information in the U.S., today announced entering an agreement to secure a $1 million line of credit with SVB Silicon Valley Bank, a division of SVB Financial Group of Santa Clara, CA.
The credit facility will support the ongoing technology development and market expansion of TrafficCast International. TrafficCast recently announced deployment of its innovative cellular probe technology in Shanghai, and it continues to develop travel information products and services in the U.S.
SVB Silicon Valley Bank provides financial services to some of the most innovative and entrepreneurial companies in the technology, life sciences, private equity and premium wine industries. Growing from its base in the San Francisco Bay Area, SVB Silicon Valley Bank has offices worldwide, including Chicago and Shanghai.
“We are very happy to secure this line of credit with one of the leading financial institutions in the information technology industry. Even with our growing revenues and improving cash position, we felt it prudent for both clients and investors to obtain a credit facility to help support our growth initiatives,” said Connie Li, co-founder & CEO of TrafficCast International. “We are proud to be included among SVB’s impressive client list.”
“As TrafficCast International continues to innovate and pursue international growth opportunities, we’re pleased to support the company with this line of credit and a diverse range of services to help the company achieve its goals,” said Bob Blee, senior relationship manager, SVB Silicon Valley Bank. “We’ve been dedicated to supporting the needs of emerging and established companies in the Midwest since opening in Chicago in 1998, and providing dynamic companies with the diversified financial services they require.”
About TrafficCast International, Inc. TrafficCast International is the leading provider of digital traffic data, with patented software and predictive models to produce route-specific real-time traffic information and travel time forecasts for traditional and emerging traffic information markets. Privately-held, TrafficCast International is a subsidiary of TrafficCast Inc, and is backed by angel and venture capital investors. The company is based in Madison, Wisconsin and has a branch office in Shanghai, China. For more information, see http://www.trafficcast.com/ .
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. 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 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.
This press release may include “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include expectations about product development and services provision. Actual results may differ materially from those contained in the forward- looking statements in this press release. TrafficCast International undertake no obligation and do not intend to update such forward-looking statements to reflect events or circumstances occurring after this press release. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. TrafficCast International and the TrafficCast logo are registered trademarks of TrafficCast International, Inc. All other names or marks are the property of their respective owners.
