CHICAGO - January 17, 2002 - Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, today announced it provided iTRACS Corporation with a $7.5 million working capital line of credit. iTRACS, the global leader in physical infrastructure network management solutions, will be using the financing to fund further growth.
"Silicon Valley Bank understood our technology and the dynamics of our business model. They were able to respond in a much more timely manner than a traditional lending bank, with a financing solution that met our needs," said Tom Reedy, president and CEO of iTRACS. "Silicon Valley Bank's reputation provides a strong vote of confidence in iTRACS' future. This funding further increases assurance in our ability to maintain a leadership position in this market."
"We are pleased to extend our relationship with iTRACS and support them in their growth strategy," said Dave Dailey, relationship manager in the Bank's Chicago office. "Their experienced management team has impressed us with the ability to sign up new deals despite challenging economic conditions." About iTRACS Corporation
iTRACS Corporation (www.itracs.com) develops IT infrastructure management products that enable network and communications managers to efficiently and effectively track and manage their IT investment along with the change control process. iTRACS has over a decade of experience and one of the world's largest teams dedicated to this rapidly growing market. Known as Cablesoft Technologies until January 2001, iTRACS is headquartered in Chicago, with development offices in Tempe, Ariz. The company has sales offices across the U.S. and the United Kingdom; sales, engineering and manufacturing facilities in Singapore; and distribution partners throughout the U.K., Europe, Middle East, Africa, Asia and Australia. 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: 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 www.svb.com
Dave Dailey, Chicago Regional Office, (312) 704-9509
Andrea McGhee, Corporate Communications, (408) 654-3078 iTRACS Contact:
Liz Morganroth, Marketing & Comm, (480) 557-8000 x123