SEATTLE, WA - May 7, 2002 - Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB - news), announced today that it has provided a $3.5 million working capital facility and a $1.5 million equipment facility to Insightful Corporation (NASDAQ: IFUL - news) of Seattle, WA, a leading provider of enterprise software solutions for search and analysis of data, text and images.
"We are pleased to extend and expand our relationship with Silicon Valley Bank," said Sar Ramadan, chief financial officer of Insightful Corporation. "They demonstrated an understanding of our business model and provided flexible credit facilities that will help finance Insightful's growth going forward."
"Insightful has been delivering analytic solutions to Fortune 1000 companies for more than fifteen years. The company has a strong, results-oriented management team complemented by high-growth knowledge management and data mining software and services. We look forward to assisting with their growth strategy going forward," said Tim Hardin, Silicon Valley Bank's Northwest Division Manager.
About InsightfulInsightful Corporation (NASDAQ: IFUL) provides enterprises with scalable data analysis solutions that drive better decisions faster by revealing patterns, trends and relationships. The company is a leading supplier of software and services for statistical data mining, business analytics, knowledge management, and information retrieval enabling clients to gain intelligence from numerical data, text and images.
Insightful products include InFact™, Insightful Miner™, S-PLUS™, StatServer™, S-PLUS Analytic Server and VisiMine™. Insightful consulting services provide specialized expertise and proven processes for the design, development and deployment of customized solutions.
The company has been delivering industry-leading, high-ROI solutions for fifteen years to thousands of companies in financial services, pharmaceuticals, biotechnology, telecommunications, manufacturing, plus government and research institutions.
Headquartered in Seattle, Insightful has offices in New York City, North Carolina, France, Germany, Switzerland, and the United Kingdom with distributors around the world. For more information, visit
http://www.insightful.com, email
info@insightful.com, or call 1.206.283.8802.
About Silicon Valley BankSilicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
Silicon Valley Bank operates throughout the Silicon Valley: Fremont, Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at
http://www.svb.com.
Contacts:Silicon Valley Bank, Brian Boatman, 206.654.3922,
bboatman@svbank.com