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Astea Obtains $3MM Credit Facility from Silicon Valley Bank

June 16, 2014, 07:32 AM
Filed Under: Technology

Astea International Inc., a global provider of service management and mobile workforce solutions, has obtained a two year revolving line of credit for working capital needs from Silicon Valley Bank (SVB) for $3 million. The secured revolving line of credit is subject to a borrowing base of trade accounts receivable. Additional information on the credit facility will be made available in a forthcoming Form 8-K for the transaction to be filed with the Securities and Exchange Commission.

"We are pleased to announce our new credit facility with Silicon Valley Bank.  This new credit facility provides additional financial flexibility at very attractive interest rates," said Zack Bergreen, Chief Executive Officer. "This comes at a time when our business is transitioning its delivery model to increased Software as a Service opportunities. We believe that our new partnership with SVB will help to ensure that Astea continues to provide the premier service lifecycle management system in the market, long into the future."

Astea International is a global provider of software solutions that offer all the cornerstones of service lifecycle management, including customer management, service management, asset management, forward and reverse logistics management and mobile workforce management and optimization. Astea's solutions link processes, people, parts, and data to empower companies and provide the agility they need to achieve sustainable value in less time, and successfully compete in a global economy. Since 1979, Astea has been helping more than 600 companies drive even higher levels of customer satisfaction with faster response times and proactive communication, creating a seamless, consistent and highly personalized experience at every customer relationship touch point.

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