TEL AVIV, Israel, SANTA CLARA, Calif. — November 11th, 2011 — Elron Electronic Industries Ltd. (“Elron”), a high technology operational holding company and a leading investor in seed, early, expansion and mature stage high-tech ventures in Israel, today announced that it has secured a $30.0 million credit facility 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.
Elron, a member of the IDB Holding Group, has invested in many of Israel’s most successful technology companies, including Given Imaging, Medingo, Netvision, Pocared Diagnostics and Brainsgate, and is the co-founder of RDC – a joint venture with Rafael Advanced Defense Systems Ltd, the largest research and development organization of Israel's Ministry of Defense.
Commenting on the transaction, David Cohen, General Manager of SVB Israel Advisors Ltd. (“SVB Israel”), today said: “Our partnership with Elron demonstrates Silicon Valley Bank’s ability to provide tailor-made financing solutions, including debt, to the local technology, life science, cleantech and investment eco-system. This is testament to our long-term commitment to the market, and we remain dedicated to supporting the technology industry across all life stages and sectors.”
Yaron Elad, CFO of Elron, added: “We decided to partner with Silicon Valley Bank because of their unique understanding of the technology sector and their dedication to helping local and global companies succeed. The credit line will support our ongoing operations and ensure additional sources of financing for those companies already held by Elron, as well as new businesses. We look forward to pursuing a long 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.
Elron Electronic Industries Ltd. (TASE: ELRN), a member of the IDB Holding group, is a technology holding company traded on the Tel-Aviv Stock Exchange. Elron's group companies currently comprise public and privately held companies engaged in a diverse range of technological activities, at various levels of maturity and progress. Elron focuses on identifying and developing unique technology companies that have the potential to be technology leaders, each in their respective fields. Current group companies include Given Imaging, BrainsGate, Pocared, Kyma and Navitrio. For further information, please visit www.elron.com.
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors 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.