- Silicon Valley Bank to continue to collaborate
with the Ireland Strategic Investment Fund
- Director of Irish
Business Development has been appointed by SVB Financial Group and a Dublin
office will be established this year to further support the initiative
- 15 Irish
companies have benefitted from original $100m commitment since July 2012
DUBLIN, 11 May 2016 – Silicon Valley Bank, the bank of the
world's most innovative businesses and their investors, today announced a continued collaborative
relationship with the Ireland Strategic Investment Fund, aimed at supporting
the technology economy in Ireland.
In June 2012, Silicon
Valley Bank announced plans to commit $100m over five years to support
Ireland's innovation sector in collaboration with the Ireland Strategic
Investment Fund's predecessor, the National Pensions Reserve Fund. So far, 15
Irish companies have benefited from the commitment, including Accuris, Boxever,
Clavis Insight, Movidius and Profitero.
Silicon Valley Bank expects
to deploy an additional $100 million of new lending commitments to fast-growing
Irish technology and life science businesses over the next five years, from its
operations in the US and UK, subject to its standard lending criteria.
As part of their collaborative
relationship, Silicon Valley Bank lends to Irish technology companies and the
Ireland Strategic Investment Fund helps it to identify potential lending
clients in these niche sectors and also invests in funds managed by SVB
Silicon Valley Bank's parent
company, SVB Financial Group, has established a presence in Ireland with the appointment
of Clive Lennox, who has moved from London to Dublin as Director of Irish
on the initiative, Phil Cox, President of EMEA and Head of Silicon Valley Bank's
UK Branch, today said: "We're
pleased to have met so many fantastic entrepreneurs in Ireland over the last four
years, and are looking forward to expanding our relationships with Irish
innovators with this new financial commitment. We'd like to thank the Irish
government and particularly the Ireland Strategic Investment Fund for their
support, collaboration and proactive approach to building the innovation
O'Callaghan, Director of the Ireland Strategic Investment Fund, said:"Ireland's emerging and high-growth technology
and life sciences companies have enormous potential but lending to them
requires a real understanding of their life cycle, business model and financing
requirements. Silicon Valley Bank has shown it can apply its specialist lending
expertise and relationships to a critical gap in the Irish market and we look
forward to seeing more Irish companies benefit from their dedication to the
Irish market over the next five years."
Maroney, CEO, Clavis Insight: "Silicon
Valley Bank understands the needs of companies like Clavis Insight. Working
with them enabled us to access financing to rapidly build global capacity and
maintain our market leadership positon, as we further develop our next
generation eCommerce-channel analytics solutions for consumer products
Martin, CEO of AMCS Group: "Ireland
has so much potential to continue to mature as a powerhouse of innovation, but
what every business needs to in order to grow is access to capital. This new
pledge to our nation means that more businesses can benefit from Silicon Valley
Bank's support, as we at AMCS have done."
Dave O'Flanagan, CEO of Boxever: "This year we accessed debt funding from Silicon Valley Bank which will
help enable Boxever to create up to 100 high-value technical roles in Ireland.
The team at SVB quickly understood our business model and thought creatively
about what we were seeking to achieve with our series B round – it's a great
Silicon Valley Bank has committed funds to 15 Irish
businesses, including: AMCS, Amplience, Accuris, Boxever, Clavis Insight,
Diona, Fieldaware, Lincor, Logentries, Movidius and Profitero.
About SVB Financial Group
For more than 30 years, SVB Financial Group (NASDAQ: SIVB) and its
subsidiaries have helped innovative companies and their investors move bold
ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley
Bank, offer commercial and private banking, asset management, private wealth
management, brokerage and investment services, funds management and business
valuation services to companies in the technology, life science and healthcare,
private equity and venture capital, and premium wine industries. Headquartered
in Santa Clara, California, SVB Financial Group operates in centers of
innovation around the world. Learn more at svb.com.
Banking services are provided by Silicon Valley Bank, a member of the
FDIC. SVB Financial Group and Silicon Valley Bank are members of the Federal
Reserve System. Silicon Valley Bank is not licensed in
Ireland to undertake banking business in Ireland or to undertake any other
regulated activity in Ireland.
Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18
Finsbury Square, London EC2A 1BR, UK under No. 5572575. SVB Financial Group and its subsidiary Silicon
Valley Bank are members of the Federal Reserve System and Silicon Valley Bank
is a member of the FDIC.
About the Ireland Strategic Investment Fund
The Ireland Strategic Investment Fund (€7.9
billion at end 2015) has a statutory mandate to invest on a commercial basis in
a manner designed to support economic activity and employment in Ireland. The
Fund has made investment commitments to date of €2.2 billion (including
investments made by its predecessor, the National Pensions Reserve Fund) and
plans to deploy the remainder of its resources over the coming years as
suitable investment opportunities are identified.
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