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.”
The information and communications technology sector is suffering a triple whammy from slower growth, thin profit margins and fierce competition, claims Atradius.
A poll by MarketInvoice also found that relatively few business leaders would consider speaking directly to a bank.
The South Korean former container shipping giant has raised only a fraction of the amount needed since its bankruptcy nearly a year ago.
Trade credit insurer Atradius expects the country to emerge from recession this year, but warns that weak confidence will continue to keep growth subdued.