Multi-Year Agreement Affords Company Where IoT is Made® to Continue in Growth Trajectory
FISHERS, IND. (PRWEB) JUNE 26, 2017
ClearObject, an Internet of Things (IoT) Systems Innovator, announced today it has received a multi-million dollar line of credit from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and investors, to help support continued growth initiatives.
ClearObject has achieved 50% year over year recurring revenue growth and doubled employee headcount over two years by having the foresight to capitalize upon the fast-emerging IoT market while continuing to be a leader in providing cloud services to some of the world’s biggest and most well-known brands.
“Attaining significant business milestones enabled ClearObject to attract the interest of Silicon Valley Bank,” said Mike Reffeitt, Chief Business Officer of ClearObject. “We are pleased to forge this key partnership which will allow us to strengthen our financial position and mature as a growth-stage company helping the world’s best companies connect their bold ideas to the Internet of Things.”
“We’re pleased to provide this financing to ClearObject as they continue to gain traction and set themselves apart as an innovator in the fast-emerging IoT market,” said Dennis Grunt, Managing Director at Silicon Valley Bank. “As their financial partner, our aim is to provide solutions that will support ClearObject’s team and give them the tools they need to continue to fuel their growth.”
The news comes less than a month after it was announced ClearObject had been named to the 2017 Solution Provider 500 list, CRN’s annual ranking of the largest technology integrators, solution providers and IT consultants in North America by revenue.
ClearObject is an IoT Systems Innovator helping the world’s best companies connect their bold ideas to the Internet of Things. We bring our years of experience, our team of experts and our coalition of leading partners together to make your IoT solutions a reality.
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.
©2017 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).