Colorado Springs, Colorado — June 25, 2003 — FrontRange Solutions, Inc., an industry-leading provider of business relationship management software, announced today that Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), will provide the company with a $6,000,000 revolving line of credit. While FrontRange already possesses significant cash reserves, this move provides additional working capital to support the company's growth and overall business strategy.
"We are pleased to work with a financial partner that understands the needs of an established software developer looking to significantly grow our business," stated John Hillyard, chief financial officer of FrontRange Solutions. "Silicon Valley Bank provides us with a broad range of product offerings and the proven financial experience we require to move forward."
"We are delighted to be working with FrontRange Solutions, a forward-looking, high-potential company, with a large and loyal customer base. FrontRange is providing industry leadership with innovative software solutions that will meet the needs of its customers now — and into the future," said Mike Devery, senior vice president and market manager of Silicon Valley Bank's Boulder office. "We look forward to supporting FrontRange with our full suite of banking services as the business grows both domestically and internationally." About FrontRange Solutions
Founded in 1989, FrontRange Solutions develops software and solutions that allow organizations to deliver extraordinary Customer Management using world-class Service and Support, Sales and Marketing, Contact Management technology. The company employs approximately 500 people and has more than one million users worldwide. Headquarters are located in Colorado Springs, Colorado, with worldwide offices in the United Kingdom, France, Germany, Italy, South Africa, Australia, and Singapore. FrontRange Solutions is the developer of award-winning HEAT® and GoldMine® software. More information about FrontRange Solutions is available at: www.frontrange.com
. About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. 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 more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at: www.svb.com.