25 Oct 2017 07:00
25 October 2017
ClearStar, Inc.
("ClearStar" or the "Company")
ClearStar secures working capital facility with Silicon Valley Bank
ClearStar, Inc. (AIM: CLSU), the technology and service provider to the background check industry, is pleased to announce that it has secured a recurring revenue credit facility (the "Facility") with Silicon Valley Bank for up to $5 million. The Facility will mature on 19 October 2019 and any funds drawn down are subject to interest at competitive market rates.
The funds available through the Facility will be used for working capital purposes to support the growth of the business, and facilitate the Company in capitalising on the opportunities that it continues to develop particularly in direct services and medical information services.
Robert Vale, CEO of ClearStar, commented: "We are pleased to have received this funding from such a prestigious financial institution as we continue to receive increasing demand for our technologically-differentiated solutions, particularly for medical information services and directly from large corporates. This agreement with Silicon Valley Bank, which has a significant track record of supporting technology businesses, reflects their confidence in our potential and we look forward to deploying this capital to deliver sustained revenue growth."
Dale Kirkland, managing director for Silicon Valley Bank, added: "We are excited to begin working with Clearstar, and we are impressed with their rapid transition from a white label solution to a direct solution to some of the world's largest companies in their respective sectors. We're pleased to support the ClearStar team as the Company continues to progress and expand into new markets."
Enquiries
ClearStar, Inc. | |
Robert J. Vale, Chief Executive Officer David Pattillo, Chief Financial Officer | +1 770 416 1900 |
finnCap Ltd. | |
Jonny Franklin-Adams, Simon Hicks - Corporate Finance Andrew Burdis, Abigail Wayne - Corporate Broking | +44 20 7220 0500 |
Luther Pendragon Ltd. | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |
About ClearStar
ClearStar, Inc. is a leading and trusted background check technology, medical screening, strategic services, and decision-making information provider to employers and background screening companies.
A seven-time Inc. 5000 honouree and founding member of the National Association of Professional Background Screeners, ClearStar has provided innovative technology solutions to businesses in the human capital management industry from its corporate offices in Alpharetta, Georgia since 1995. For more information about ClearStar, please visit: www.clearstar.net.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.