Atlanta -- April 30, 2001 -- Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares, announced it has provided NetEffect Corporation with an $8 million line of credit. NetEffect, an IP technology and network applications engineering, consulting, and managed services company, will use the financing for working capital purposes.
"NetEffect is pleased to have established a financial relationship with a business partner as valuable as Silicon Valley Bank," said Tony Pompliano, chief executive officer of NetEffect. "This financing provides NetEffect with the financial flexibility necessary to continue executing our business growth strategy."
"NetEffect has proven to be a leader in the emerging technology engineering and management market and we look forward to growing our relationship with them," said Tom Vertin, Silicon Valley Bank's Southeast Division manager.
NetEffect is an IP technology, network applications and internetworking engineering, consulting, and managed services company designs, implements and manages emerging networked applications and technologies. NetEffect's customer solutions for Fortune 1000 enterprises and service providers such as AT&T Solutions, BellSouth, IBM and WorldCom include Voice over IP, Interactive Call Center Technologies and Communications Infrastructure. Some of NetEffect's partners include Visual Networks, Amdahl, Cisco Systems and InfoVista. NetEffect operates an advanced technology center in Atlanta that showcases advanced IP and internetworking solutions including IP Telephony, softswitch, VoIP, MPLS, SS7, and other integrated IP network solutions. Visit www.neteffectcorp.com.
About Silicon Valley Bank
Silicon 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.
The Bank operates throughout the Silicon Valley: 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; 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 www.svb.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.