Seattle, WA -- July 18, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Seattle based eTunnels Inc. with $400,000 in equipment financing.
Privately held eTunnels is a leading pioneer in the delivery of security provisioning and management services to the extended enterprise.
"We are excited to have established this financing relationship with such a strong banking group," said Dimitri Sirota, chief executive officer of eTunnels. "We've long known and respected Silicon Valley Bank's commitment to serving truly innovative companies in the technology marketplace. More than financial, this is a relationship based on the comprehensive value and expertise that Silicon Valley Bank brings to our company."
"eTunnels has a unique product offering for managed Virtual Private Network (VPN) services," said Art Hiemstra, Silicon Valley Bank's Northwest division manager. "The company is forging strong strategic and customer relationships, which is a good reflection of its management and technology. The Bank looks forward to providing ongoing support to eTunnels and assisting in its growth."
About eTunnels Inc.
eTunnels Inc. is a leading pioneer in the delivery of Virtual Private Network (VPN) provisioning and management services to the extended and mobile enterprise. Employing next generation active network technology eTunnels delivers outsourced security providers and end-customers a dynamic, adaptive Intranet/ Extranet access infrastructure anywhere, anytime on the Internet.
Venture backed and based in Seattle, Washington, the company was founded in the fall of 1999. For more information, visit the company's web site at www.eTunnels.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, amcghee@svbank.com.