Wednesday, 11 May 2011
Adconion Media Group Completes Multi-Million Dollar Financing with Silicon Valley Bank
SANTA CLARA, Calif. and LONDON – May 9th 2011 — Adconion Media Group, one of the largest independent global audience and video content network, today announced it has secured nearly £21 million in financing from Silicon Valley Bank (SVB), the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology companies worldwide. The newly secured funds will be used to support both acquisition and working capital requirements to continue the global growth of the company.
Commenting on the deal Tyler Moebius, CEO of Adconion, said: “We have benefited from a great partnership with Silicon Valley Bank since early 2010 and we are pleased to have the opportunity to develop this relationship further. It is refreshing to work with a bank that understands how technology companies operate; a bank that is able to offer flexible financing solutions to service our international needs.”
Phil Cox, Head of UK, Europe and Israel for Silicon Valley Bank, added: “We are delighted to be bringing the resources of Silicon Valley Bank to help Tyler and his team as they continue to bring innovative products to the market and create new opportunities for Adconion’s global customer base.”
Adconion Media Group is backed by Wellington Partners and Index Ventures. It is headquartered in the U.K. with operations in Australia, the U.S. and throughout Europe.
SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK- and European-based technology and life science companies of all stages of their development from business start-up to mature companies in the sector. SVB Financial Group UK Ltd. provides access to financial services as well as SVB’s worldwide network of venture capitalists and partners. SVB Financial Group UK Ltd aims to give European technology, life science companies and venture capital investors access to the same targeted financial services as their U.S.-based counterparts, including sources of diverse debt capital such as venture debt, acquisition financing, working capital, capital call lines, growth capital and capex financing. In addition, the UK team offers access to foreign exchanges services, trade finance and U.S. banking for subsidiaries.
