Santa Clara, Calif, London and Bath –– November 18th 2010 — Picochip Limited (‘Picochip’), a leading supplier of femtocell technology and silicon, has successfully completed a new $9.0 million debt facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology companies worldwide. The facility consists of a $4.0 million three-year term loan and a two-year $5.0 million working capital line of credit. The combined facility will provide Picochip with access to additional working capital to support the Company’s growth strategy.
“Picochip is constantly driving to develop and commercialise innovative approaches to mobile voice and data services, with femtocells deploying and LTE following. We believe this debt facility will serve as a solid foundation for our rapid growth, providing us with the financial flexibility needed in order to stay ahead of the curve,” commented Nigel Toon, CEO of Picochip. “We have had a strong relationship with Silicon Valley Bank since 2004; they understand our business and we are delighted with the confidence the team has demonstrated in our operations and product capabilities.”
Backed by Atlas, Highland, Intel, SEP, Pond and Rothschild, Picochip was the first company to launch a femtocell chip and has maintained its leading position in the market through a unique blend of evolving capabilities including silicon design, wireless tools, software and systems integration.
“Picochip is an exceptional business with a market leading position within the global femtocell market,” added Phil Cox, Head of UK, Europe and Israel for Silicon Valley Bank. “We are excited about strengthening our relationship with the team and are delighted that our deep industry knowledge and sector expertise compliment Picochip as it continues to execute against its ambitious business goals.”
Separately, Picochip has announced significant expansion in its worldwide operations. The company has moved to a new headquarters and engineering center in its home city of Bath, acquired an advanced test laboratory in Cambridge, UK, and announced plans to double the size of its development centre in Beijing, China.
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 from business start-up to major companies in the sector. 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 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 for subsidiaries.About Silicon Valley Bank
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, 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 26 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.