Santa Clara, CA -- October 15, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, today announced the issuance of $3.2 million in equipment financing to Vpacket Communications, a closely held Silicon Valley company delivering the power of converged voice/data solutions. Vpacket will use the financing to upgrade and expand office support functions as it completes the deployment of its 6100 series voice/data router products, the first to deliver toll quality voice over IP (VoIP) to the enterprise.
"Given today's tight economic market, receiving a multi-million dollar equipment financing package further underscores the importance of our company's technology and the need for next-generation telecommunications products," noted Abraham Wei, Vpacket's CEO. "Silicon Valley Bank's financing gives us the ability to expand and upgrade our office infrastructure in keeping with our company's forward momentum."
"Vpacket Communications is poised to become a leader in the market for VoIP solutions," said Chris Coleman, Silicon Valley Bank's South Bay division manager. "We look forward to a long relationship with them as they develop and grow their company in the marketplace."
About Vpacket Communications
With offices in Silicon Valley and Westlake Village, Calif., Vpacket Communications is a privately held converged voice/data broadband company focused on providing managed voice over packet solutions for CLECs, ILECs, Integrated Communication Providers (ICPs), IP oriented carriers and other network service providers. Vpacket products will enable people to communicate seamlessly across IP networks with high-quality, feature-rich converged voice/data applications. Vpacket is well positioned to be a leader in this emerging market, with an experienced team from industry-leading networking companies and approximately $58 million in funding from top venture capital firms. For more information, visit the company's web site at www.vpacket.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.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.