LONDON, UK –– 20 February 2013 — Silicon Valley Bank, financial partner to the technology, life science, cleantech, private equity and venture capital industries, has joined HSBC as a joint senior lender to Vero Software, a computer aided design (CAD) and computer aided manufacturing (CAM) development company. The newly acquired funds from Silicon Valley Bank have been used to support the company's acquisition of Sescoi International, a leading international supplier of CAD/CAM software solutions, and the purchase of assets from Surfcam,a major CAM software company. Vero Software is a portfolio company of Battery Ventures, a leading specialist technology investor.
Headquartered in Cheltenham, Vero Software has a global presence with operations in North America, Germany, Japan, Italy and France. Vero Software designs, develops and distributes CAD/CAM software for the manufacturing sector, most notably within automotive, aerospace, machinery and consumer goods production. As part of the company's global development, both transactions will enhance the existing product portfolio and broaden the geographic reach of the business.
"This is a very exciting time for Vero Software. The acquisition and asset purchase further strengthens Vero's geographic reach, client solutions and development engine and is another important milestone in the company's continuing growth." commented Paul Jackson, Managing Director of Corporate Banking at Silicon Valley Bank's UK Branch.
"We are pleased to be working with a bank that truly understands our business and the innovation sector as a whole. With the additional support of Silicon Valley Bank, we are looking forward to the continued growth of our business and enhancing the services, knowledge and expertise we already offer to our clients." added Richard Smith, CEO of Vero Software.
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About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. Silicon Valley Bank and its affiliates within SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 US offices and seven international operations in China, India, Israel and the UK. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London, EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the Financial Services Authority, FSA reference number 577295. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Vero Software
Vero Software Software is a world leader in CAD/CAM development with a proven track record of reliable product delivery. Vero Software develops and distributes software for aiding the design and manufacturing processes, providing solutions for the tooling, production engineering, sheet metal, metal fabrication, stone and woodworking industries. The companies world-renowned brands include Alphacam, Cabinet Vision, Edgecam, Machining STRATEGIST, PEPS, Radan, SMIRT and VISI, along with the production control MRP system Javelin.
Silicon Valley Bank – UK Branch
+44 (0)20 7367 7813