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Silicon Valley Bank Doubles CareCloud’s Credit Facility to $20MM

September 23, 2021, 07:17 AM
Filed Under: Technology

CareCloud, a leader in cloud-based healthcare technology and revenue cycle solutions, announced that Silicon Valley Bank increased its secured line of credit, which is currently untapped, to $20 million to support future growth. The term of the line of credit was also extended by two years, to October 13, 2023. CareCloud’s revolving line of credit from Silicon Valley Bank provides up to $20 million of capital to be used for growth and general corporate purposes.

“We have had the pleasure of working with the CareCloud team since 2017 and have witnessed their tremendous growth over the years,” said Tom Gordon, Managing Director of Life Science and Healthcare at Silicon Valley Bank. “We have confidence in the CareCloud business strategy and look forward to supporting their continued growth.”

“Our strong, virtually debt-free, balance sheet enabled us to grow our revenues at a 44% compound annual growth rate and our adjusted EBITDA by 79% since 2017, without diluting our common shareholders,” said Bill Korn, Chief Financial Officer of CareCloud. “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.”

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