iFLEET Finalizes $8 Million Credit Facility With Silicon Valley Bank
9 August 1999
iFLEET Finalizes $8 Million Credit Facility With Silicon Valley Bank
ATLANTA--Aug. 6, 1999--iFLEET, the leading provider of information technology services for commercial and automotive fleets, has forged a financial partnership with Silicon Valley Bank, Inc. ."The partnership provides the requisite funding in the form of an $8 million credit facility to fuel our aggressive growth and expansion plans," says Curtis Cain, Chief Financial Officer of iFLEET. Over the past 15 months, iFLEET has executed seven acquisitions, increased their employee base to 400, and expanded their facilities to more than 80,000 square feet total in Georgia, California, Illinois and Alabama. Cain stated, "Silicon Valley Bank understood our growth challenges and stepped up to meet our funding needs."
"iFLEET has the vision, management team, market opportunity and customer base to be a winner. We are delighted with this new relationship," says Tom Vertin, Senior Vice President of Silicon Valley Bank.
Rusty Gordon, Chief Executive Officer of iFLEET, stated, "In conjunction with our recent $5 million infusion of equity from EGL Holdings and Cordova Ventures, this new credit funding with Silicon Valley Bank underscores the tremendous opportunity ahead for our company."
About iFLEET:
iFLEET, Inc. is a leader in providing total fleet support services, including electronic and information technology solutions. Recognized by J.D. Power and Associates(R) as having the most responsive service coordinators in the industry, iFLEET's growing list of customers include leading Fortune 500 companies. Based in Atlanta, the company has fleet response centers in Camarillo, Calif. and Atlanta; with technology development offices in Auburn, Ala.; Atlanta; and Peoria, Ill. For more information, please visit our web site at www.ifleet.com.