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SVB Financial Group Launches New Business; SVB Analytics Offers Valuation and Corporate Equity Administration Services - Firm Acquires Controlling Stake in eProsper, Inc.
Company news | September 5, 2006
SANTA CLARA, Calif., September 5, 2006 - SVB Financial Group (Nasdaq: SIVB), the leading diversified financial services firm serving entrepreneurial companies, announced a new business today: SVB Analytics. SVB Analytics provides analytical and administrative services to the company's core constituencies of private, venture capital-backed companies and venture capital firms. SVB Analytics' initial service offerings include fair market company valuations and corporate equity tracking and administration services.
Fair market company valuations for pre-public companies are a corporate best practice driven by new regulations, including the Internal Revenue Service's IRC 409A. Although these third-party valuations are currently in high demand, it has been difficult for companies to verify their quality and defensibility. SVB Financial Group identified this need among its client base and developed this new service to ensure consistent valuations for its clients at a reasonable price. SVB Financial Group has more than 11,000 clients and 23 years of experience working with venture-backed, private companies, giving it ample experience with this target audience and an unmatched depth of knowledge regarding how companies are priced and valued.
SVB Analytics is augmenting its suite of offerings by integrating services from eProsper, Inc. Effective August 30, 2006, SVB Analytics has acquired a controlling share of eProsper, an affiliate of American Stock Transfer & Trust Company. EProsper provides corporate equity administration services, including capitalization table data management, to private, venture-funded companies through its industry-leading, Web-based software, CapMx®. These services will be available to SVB Analytics' global client base to help them manage their equity ownership information with maximum integrity and consistency. eProsper's solutions also facilitate standardized and consistent reporting of operating metrics by portfolio companies to their investors.
"Our clients require unique solutions to some extremely complex analytical and administrative tasks. Given our market focus on technology, life science and private equity firms, and our expertise in working with private companies, we have a distinct competitive advantage in providing analytical solutions," said Kenneth Wilcox, CEO of SVB Financial Group. "The addition of eProsper's market-leading products, experienced team and excellent reputation for high-quality service will also help our clients deal efficiently with the burdensome administrative problem of tracking their complex capital structures."
Jim Anderson is leading SVB Analytics as its president. He is founder and former president of SVB Asset Management, which grew to more than $4.5 billion under management in its first three years. SVB Analytics will continue to identify issues of concern to private companies and will build on its suite of products and services as appropriate over time. SVB Analytics' services are currently available to SVB Financial Group clients on a first-come, first-served basis and will be more broadly rolled out across the country over the course of the next six to 12 months.
The terms of the eProsper transaction are not being disclosed.
About SVB Financial Group
For more than 20 years, SVB Financial Group, the parent company of SVB Silicon Valley Bank, SVB Alliant, SVB Analytics, SVB Capital and SVB Global, has been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Headquartered in Santa Clara, Calif., SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. SVB Financial Group operates through 27 offices in the U.S. and three internationally. More information on the company can be found at www.svb.com.
SVB Silicon Valley Bank refers to the commercial banking operation of SVB Financial Group, which includes Silicon Valley Bank, the California bank subsidiary of SVB Financial Group.
SVB Asset Management, a registered investment advisor, is a non-bank affiliate of Silicon Valley Bank and member of SVB Financial Group. Products offered by SVB Asset Management are not FDIC insured, are not deposits or other obligations of Silicon Valley Bank, and may lose value.
Fair market company valuations for pre-public companies are a corporate best practice driven by new regulations, including the Internal Revenue Service's IRC 409A. Although these third-party valuations are currently in high demand, it has been difficult for companies to verify their quality and defensibility. SVB Financial Group identified this need among its client base and developed this new service to ensure consistent valuations for its clients at a reasonable price. SVB Financial Group has more than 11,000 clients and 23 years of experience working with venture-backed, private companies, giving it ample experience with this target audience and an unmatched depth of knowledge regarding how companies are priced and valued.
SVB Analytics is augmenting its suite of offerings by integrating services from eProsper, Inc. Effective August 30, 2006, SVB Analytics has acquired a controlling share of eProsper, an affiliate of American Stock Transfer & Trust Company. EProsper provides corporate equity administration services, including capitalization table data management, to private, venture-funded companies through its industry-leading, Web-based software, CapMx®. These services will be available to SVB Analytics' global client base to help them manage their equity ownership information with maximum integrity and consistency. eProsper's solutions also facilitate standardized and consistent reporting of operating metrics by portfolio companies to their investors.
"Our clients require unique solutions to some extremely complex analytical and administrative tasks. Given our market focus on technology, life science and private equity firms, and our expertise in working with private companies, we have a distinct competitive advantage in providing analytical solutions," said Kenneth Wilcox, CEO of SVB Financial Group. "The addition of eProsper's market-leading products, experienced team and excellent reputation for high-quality service will also help our clients deal efficiently with the burdensome administrative problem of tracking their complex capital structures."
Jim Anderson is leading SVB Analytics as its president. He is founder and former president of SVB Asset Management, which grew to more than $4.5 billion under management in its first three years. SVB Analytics will continue to identify issues of concern to private companies and will build on its suite of products and services as appropriate over time. SVB Analytics' services are currently available to SVB Financial Group clients on a first-come, first-served basis and will be more broadly rolled out across the country over the course of the next six to 12 months.
The terms of the eProsper transaction are not being disclosed.
About SVB Financial Group
For more than 20 years, SVB Financial Group, the parent company of SVB Silicon Valley Bank, SVB Alliant, SVB Analytics, SVB Capital and SVB Global, has been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Headquartered in Santa Clara, Calif., SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. SVB Financial Group operates through 27 offices in the U.S. and three internationally. More information on the company can be found at www.svb.com.
SVB Silicon Valley Bank refers to the commercial banking operation of SVB Financial Group, which includes Silicon Valley Bank, the California bank subsidiary of SVB Financial Group.
SVB Asset Management, a registered investment advisor, is a non-bank affiliate of Silicon Valley Bank and member of SVB Financial Group. Products offered by SVB Asset Management are not FDIC insured, are not deposits or other obligations of Silicon Valley Bank, and may lose value.