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Silicon Valley Bank Upsizes MTBC Credit Facility

September 24, 2018, 07:09 AM
Filed Under: Technology

MTBC, a provider of revenue cycle and cloud-based healthcare IT solutions, announced that Silicon Valley Bank has increased its secured line of credit, which is currently untapped, to $10 million to support future growth.

"In the year since we started working with MTBC, it has been great to watch them complete the integration of MediGain, double their adjusted EBITDA, and strengthen their balance sheet," said Tom Gordon, Managing Director of Silicon Valley Bank. "MTBC positioned themselves to be ready for another major acquisition, and they moved quickly when they saw an opportunity with Orion. We are privileged to be able to provide them the best financing, connections and global services to support the company’s mission of consolidating the healthcare IT business."

"Our strong, virtually debt-free, balance sheet enabled us to pay cash for our recent Orion acquisition, which, in turn, allowed us to avoid diluting our common shareholders, while nearly doubling our annualized revenues," said Bill Korn, Chief Financial Officer of MTBC. "Today's increase in our credit line further positions us to continue to close strategic transactions on favorable terms as we lead the consolidation in our market sector. We appreciate Silicon Valley Bank's partnership and belief in our business model."

MTBC's revolving line of credit from Silicon Valley Bank provides up to $10 million of capital to be used for growth and general corporate purposes.

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