New Financing To Support Icera's Growth Strategy
SANTA CLARA Calif., LONDON and BRISTOL, UK ––January 12 2011 — Icera Inc., the soft modem semiconductor company, today announced that it has successfully completed a $12.0 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 combined facility, consisting of a $4.0 million three-year term loan and a two-year $8.0 million working capital line of credit, will be used to accelerate growth in the smartphone market and extend Icera’s global capabilities.
Founded in 2002 and backed by a top tier European Venture Capital syndicate including Accel Partners, Amadeus Capital Partners, Atlas Venture, Balderton Capital and DFJ Esprit, Icera is the world’s leading company in the design, production and sales of soft modem chipsets that deliver high performance communication engines for cellular products, including smartphones, tablets and USB sticks.
Commenting on the deal, Stan Boland, President and CEO of Icera, said: “We are delighted with the confidence the team at Silicon Valley Bank has demonstrated in our business as we build on our success in data modems and address the much larger and fast growing smartphone market. This facility is a solid foundation for our growth, enabling us to maintain our technological and performance lead with the roll out of our multimode 4G LTE and smartphone platforms in 2011.”
“Icera is one of the most exciting and high profile semiconductor companies we’ve seen in the UK,” said Phil Cox, Head of UK, Europe and Israel for Silicon Valley Bank. “Driven by an exceptionally strong management team, the business is now leading the way in creating and delivering top quality high technology devices. We are delighted to be involved in Icera’s growth story and are confident that the company will go on to shape the industry on a global scale,” he added.
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 bankingservices 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.
Icera is a fabless semiconductor company, pioneering software-defined modem chipsets for the fast growing smartphone and Mobile Broadband device markets. Icera technology delivers the highest performance modem solutions with the smallest silicon die size for smartphones, tablets and USB sticks and other ‘internet-everywhere’ consumer electronic devices. Icera technology supports 4G (LTE), 3G (HSPA) and 2G standards. Founded in 2002, Icera is headquartered in the UK, with design locations in the UK, France, USA and China, with customer engineering and sales offices in Europe, Asia and the USA. For more information, visit the Icera web site at www.icerasemi.com