MILPITAS, Calif., Feb. 25, 2009 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of focused, cost-optimized ATE solutions, today announced that it has secured a 2-year, $40 million revolving line of credit from Silicon Valley Bank, a subsidiary of SVB Financial Group (Nasdaq:SIVB).
"Silicon Valley Bank continues to be a valuable financial partner for LTX-Credence. They have worked consistently to understand our business strategy and markets," said Mark Gallenberger, chief financial officer, LTX-Credence Corporation. "This agreement enhances our financial position and enables us to continue building our market share by developing focused, cost-optimized test solutions."
"It is Silicon Valley Bank's mission to help technology and life science companies of all sizes prosper and we are pleased to continue to support LTX-Credence Corporation's growth through this new financing," said Jack Gaziano, managing director, Silicon Valley Bank. "LTX-Credence represents our portfolio of publicly-traded clients that require the diverse financial services we customize for companies large and small."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq:SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
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. SVB Financial Group is also a member of the Federal Reserve.
About LTX-Credence Corporation
Formed by the 2008 merger of LTX Corporation and Credence Systems Corporation, LTX-Credence is a global provider of focused, cost-optimized ATE solutions designed to enable customers to implement best-in-class test strategies to maximize their profitability. LTX-Credence addresses the broad, divergent test requirements of the wireless, computing, automotive and entertainment market segments, offering a comprehensive portfolio of technologies, the largest installed base in the Asia-Pacific region, and a global network of strategically deployed applications and support resources. Additional information can be found at www.LTX-Credence.com.
LTX-Credence is a trademark of LTX-Credence Corporation. All other trademarks are the property of their respective owners.