Line of credit from specialist in financing growing technology companies provided to market leader in customer interaction recording and performance analysis softwareATLANTA, GA (August 16, 2002) -
Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares, announced that Witness Systems (NASDAQ: WITS) selected it to serve as the company's financial services provider. In addition, Silicon Valley Bank has provided Witness Systems with a $7.5 million working capital line of credit.
Witness Systems is a leading global provider of performance optimization software and services. Through its browser-based eQuality® suite, the company enables its Global 2000 customers to record customer interactions by telephone, e-mail and the Web, and then later evaluate and analyze performance for a complete quality assessment. As skill gaps and learning opportunities are identified through these performance evaluation scores, eQuality delivers targeted training directly to customer sales/service representatives' (CSRs) desktops — which provides an integrated, closed-loop model for capturing customer intelligence and optimizing workforce performance. The intelligence these recordings provide can then be used enterprise-wide to help ensure consistent, quality service across all customer touch points for increased customer satisfaction and loyalty.
With eQuality, companies and their contact centers can focus on fine-tuning product/service offerings, gauging business process effectiveness, tracking trends, identifying new revenue opportunities and reducing operational costs, as well as provide a training tool to help retain staff and assist CSRs in perfecting their skills and further developing their careers. Witness Systems' corporate headquarters are located just north of Atlanta, Ga., with global operations throughout the U.S., as well as Australia, Brazil, Canada, Germany, Japan, Mexico, the Netherlands, Singapore and the United Kingdom.
"As Witness Systems has rapidly grown both domestically and abroad, we require a financial partner that understands the needs of a global software company and has the broad capabilities to service those needs. Silicon Valley Bank is uniquely positioned to assist us with a full array of banking services," said Carolyn Arnason, vice president and corporate controller for Witness Systems.
"Witness Systems has attained global leadership in the customer contact center market with its suite of workforce and performance optimization solutions. We are delighted to support the company, not only with this financing, but also with our full range of banking products and services as it continues to expand its market share and grow its business on a worldwide basis," said Alan Spurgin, senior relationship manager in Silicon Valley Bank's Atlanta office. About Witness Systems
Witness Systems (NASDAQ: WITS) provides the contact center industry's first integrated performance optimization software suite to help global enterprises capture customer intelligence and optimize workforce performance. Comprised of business-driven multimedia recording, performance analysis and e-learning management applications, the browser-based eQuality® solution is designed to enhance the quality of customer interactions across multiple communications media, including the telephone, e-mail and Web. The closed-loop suite enables companies to record, evaluate and analyze customer contacts, and then launch e-learning to develop staff, generate additional revenue, and achieve greater customer retention and loyalty. An integrated business consulting, implementation and training methodology provides services to support an effective, rapid deployment of eQuality that enables organizations to maximize their return on investment. For additional information about Witness Systems and its eQuality software suite, visit www.witness.com
, or call 1.888.3.WITNESS. 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 has 11 offices throughout California and operates regional offices across the country, including in Arizona, Colorado, Florida, Georgia. Illinois, Massachusetts, Minnesota, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia and Washington. More information on the Bank can be found at www.svb.com
. Cautionary Note Regarding Forward-looking Statements Under the Private Securities Litigation Reform Act of 1995:
Information in this release that involves Witness Systems' expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements that involve risks and uncertainties. These statements include statements about Witness Systems' strategies in the marketplace, its market position and its relationship with customers. All forward-looking statements included in this release are based upon information available to Witness Systems as of the date of the release, and the company assumes no obligation to update any such forward-looking statement. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, fluctuations in customer demand and the timing of orders; the company's ability to manage its growth; the risk of new product introductions and customer acceptance of new products; the rapid technological change which characterizes the company's markets; the risks associated with competition; the risks associated with international sales as the company expands its markets; and the ability of the company to compete successfully in the future, as well as other risks identified under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and any other reports filed from time to time with the Securities and Exchange Commission. Witness, eQuality and the Witness logo are United States registered trademarks of Witness Systems, Inc., protected by laws of the U.S. and other countries. All other trademarks mentioned in this document are the property of their respective owners.
Meghan O'Leary, Director of Public Relations, firstname.lastname@example.org, 408.654.6364
Witness Systems Contact:
Anne M. Patton, Senior Manager, Global Public Relations, (770) 754-8656, email@example.com