London, United Kingdom (PressExposure) June 14, 2012 -- Seal Software Group, a provider of solutions to discover, capture, extract and manage contracts, today announced that it has secured a $1.0 million working capital facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology and life science companies worldwide. The new financing will be used to support Seal's working capital needs.
Erin Lockwood, Deal Team Leader, at Silicon Valley Bank said, "We aim to give our high-growth clients, like Seal Software Group, the financial flexibility they need to achieve their business goals. As a fast-paced software company, Seal will benefit from the additional working capital as well as a longer runway to help the company meet its milestones."
Mark Williams, CFO, Seal Software Group said, "We're delighted to have this support and backing from Silicon Valley Bank. One of the implications of hyper-growth is the working capital requirements it drives. This facility enables us to leverage the credit ratings of the Fortune 1000 companies buying from us, allowing us to preserve our capital."
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 provide industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations in China, India, Israel and the UK. (Nasdaq: SIVB) http://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 Seal Software Group
Seal Software Group provides solutions to discover, capture, extract, create and manage contracts. Seal's unique combination of Contract Discovery (cDiscovery) and Contract Lifecycle Management (CLM) provides insight, lifecycle management and reporting for law firms, General Counsel, Legal Process Outsourcing (LPO) and eDiscovery vendors.
Seal's cDiscovery automatically discovers existing contractual documents, extracting key information from any file type. Applicable in contract abstraction, due diligence and procurement environments, Seal can identify and process thousands of documents per day, reducing the time and cost of discovery, due diligence and contract abstraction.
Seal's Dolphin CLM for SharePoint manages contracts in a secure repository, from creation to ongoing proactive management of contract performance.
Seal's solutions help organisations in verticals such as legal services, financial services, oil and gas, high-tech, pharmaceutical, media, manufacturing, transportation, and telecommunications achieve control of their contracts and obligations for compliance, cost saving and competitive advantage.
For further information, visit the Seal Software Group website: http://www.seal-software.com