$6 Million Infusion Facilitates Growth of Physician Enterprise Management Service
HARTFORD, Conn. — December 3, 2003 — ORIX Venture Finance and Silicon Valley Bank, leading providers of expansion financing to venture-backed technology companies, today announced the companies will provide Waltham, Mass.-based athenahealth, Inc. with $6 million in growth financing. The enterprise term loan will allow athenahealth to continue to grow without requiring a new equity round.
"We are very pleased to join with Silicon Valley Bank to make this investment to athenahealth, a leading provider of practice automation, billing and collection services to the healthcare industry, led by a seasoned management team and supported by highly regarded venture capital investors," said Bill Bishop, principal of ORIX Venture Finance. "After establishing our firm as a major enterprise finance player on the West Coast, ORIX seeks to duplicate our success on the East Coast. We believe there is a considerable market for our enterprise term loans, which include extended interest-only periods that significantly enhance our portfolio companies' ability to grow."
"Our enterprising clients, like athenahealth, look to Silicon Valley Bank for creative solutions and innovative thinking on behalf of their growing businesses," said Michael Hanewich, senior vice president and national life sciences coordinator for Silicon Valley Bank. "Through our diverse range of products and services, our penchant for helping growth companies succeed and our deep industry relationships that allow us to team up with companies like ORIX, we are able to deliver on our clients' expectations."
Since 1997, athenahealth (www.athenahealth.com
) has provided healthcare practitioners with a comprehensive solution to their practice management, billing and collection needs. The company's innovative suite of online subscription services, which combine the power of Internet technology and firsthand knowledge of medical group management, help physicians throughout the country manage their businesses more efficiently.
"We are delighted to be partnered with ORIX Venture Finance and Silicon Valley Bank," said Carl Byers, chief financial officer of athenahealth. "Both organizations delivered what we asked from them, enabling us to raise growth capital without replacing our existing working capital line or our full banking relationship." About ORIX Venture Finance
ORIX Venture Finance, a subsidiary of ORIX USA Corporation, with offices in Silicon Valley, Hartford and New York, provides enterprise financing to the technology sector via acquisition, working capital and term loans, as well as venture leases. The ORIX Venture Finance team consists of experienced finance professionals who understand the challenges technology companies face and structure flexible financing packages that meet their unique needs. ORIX USA Corporation is a subsidiary of ORIX Corporation (NYSE: IX), an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries worldwide, ORIX's activities include leasing, corporate finance, real estate-related finance and development, life insurance, and investment and retail banking. For more information about ORIX Venture Finance, go to www.orixventurefinance.com
. About Silicon Valley Bank
Silicon Valley Bank, subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.com.