MENLO PARK, Calif., Jan. 10, 2017 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $7.5 million credit facility to new client ScaleArc, a leading provider of database load balancing software. Proceeds from the facility will help support the company’s continued growth and global expansion.
Founded in 2009, ScaleArc enables consumer-grade applications for today’s digital business – apps that are never down, are always fast and scale anywhere. ScaleArc’s database load balancing software helps organizations of all sizes eliminate application downtime from database outages or maintenance, improve application performance and scale database capacity – all without writing a single line of code. As a result, ScaleArc customers increase revenue, reduce operational costs and accelerate time to market. ScaleArc is backed by Accel Partners, Bain Capital Ventures, Nexus Ventures and Trinity Ventures.
“Just as we help our customers increase their business agility, Square 1 is providing us the financial flexibility we need to grow our company,” said Justin Barney, president and chief executive officer of ScaleArc. “The security of this credit facility lets us focus on enhancing our technology and satisfying our customers as we enable them – in companies big and small – to deliver the consumer-grade experience today’s digital business demands.”
Andy Weyer, senior vice president in Square 1’s technology banking practice, added, “ScaleArc’s technology offers its customers speed, availability and scalability. This technology, combined with ScaleArc’s strong management team, liquidity position, investor syndicate and traction, presented an exciting opportunity for our venture lending team. We are pleased to join the distinguished list of ScaleArc’s long-term capital partners.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.