SOMERSET, N.J.,, Oct. 13, 2017 (GLOBE NEWSWIRE) -- October 13, 2017 (Globe Newswire) – MTBC (NASDAQ:MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announced that it has entered into a $5 million secured line of credit to support growth initiatives with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors.
“We're pleased to partner with MTBC during this exciting time in the Company’s growth," said Scott McCarty, Director at Silicon Valley Bank. “MTBC is driving important advancements to healthcare administration. Our goal is to provide the best financing, connections and global services to support the Company’s success.”
“MTBC has a repeatable business model, and we appreciate Silicon Valley Bank’s flexibility to structure a line of credit that supports continued organic growth, potential acquisitions and enables us to achieve our corporate objectives” said Bill Korn, Chief Financial Officer. “We are pleased to be collaborating with Silicon Valley Bank and look forward to a long-term relationship."
MTBC’s revolving line of credit from Silicon Valley Bank provides up to $5 million of capital to be used for growth and general corporate purposes. The Agreement contains additional covenants, terms, and conditions including obtaining SVB’s approval of potential acquisition opportunities.
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 svb.com.
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers throughout the United States. Our integrated Software-as-a-Service (SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC's common stock trades on the NASDAQ Capital Market under the ticker symbol "MTBC," and its Series A Preferred Stock trades on the NASDAQ Capital Market under the ticker symbol "MTBCP."