TEL AVIV, Israel, SANTA CLARA, Calif. — November 11th, 2011 — Alvarion, a provider of optimized wireless broadband solutions addressing the connectivity, capacity and coverage challenges of public and private networks, today announced that it has secured $30.0 million in growth capital financing from Silicon Valley Bank (“SVB”), the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology and life science companies worldwide. The facility is being used to finance the company’s acquisition of privately-owned Wavion, an Israel-based technology leader in carrier-grade WiFi applications.
Established in 2001 with the merger of wireless access vendors, BreezeCOM and Floware, Alvarion is one of the leading players in the wireless broadband access market. The acquisition of Wavion marks another milestone in the execution of the company’s strategic plan aimed at shifting its primary focus from WiMAX-based RAN solutions to becoming a multi-technology wireless broadband solution powerhouse.
Commenting on the deal, David Cohen, General Manager of SVB Israel Advisors Ltd. (“SVB Israel”), today said: “The size of this transaction underscores our ability to fund companies through every stage of their evolution from early stage to publicly traded businesses, as we continue to partner across the global technology eco-system. We look forward to supporting Alvarion’s growth in partnership with its impressive management team.”
Eran Gorev, President and CEO of Alvarion, added: “With extensive experience and a strong track record in helping companies expand across geographies, Silicon Valley Bank is well placed to support our buy-and-build expansion strategy. The acquisition of Wavion is a significant addition to our portfolio and we look forward to pursuing a long term relationship with Silicon Valley Bank.”
SVB Financial Group has been working with companies and investors in Israel since the late 1990s, providing its clients and partners in the region the benefit of nearly 30 years of experience dedicated to helping entrepreneurial companies of all sizes succeed. SVB Israel was established in Herzliya in January 2008 to establish a more significant presence in the local market and today offers Israeli-based clients access to financial services, including debt financing, deposit services and treasury management.
In addition to SVB Israel, SVB Financial Group has international operations in China, India and the United Kingdom through which it offers its clients access to the company’s network of relationships with technology and life science companies and venture capital investors worldwide.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com
Alvarion Ltd. provides optimized wireless broadband solutions addressing the connectivity, capacity and coverage challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across the licensed and unlicensed spectrum. www.alvarion.com
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors Ltd. nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.