Alacritech Secures $3M in Credit

The Technology and Life Sciences Division of Comerica Bank provides Alacritech with a $3M revolving line of credit

October 20, 2003

1 Min Read

SAN JOSE, Calif. -- Alacritech(R), Inc., the innovator of data acceleration solutions that enable the highest performance and efficiency in networked systems, announced today that the Technology and Life Sciences Division of Comerica Bank (NYSE:CMA) has provided the company with a $3 million revolving line of credit.

Since 1997, Alacritech's data acceleration technology has been incorporated into the industry's leading storage and server products. The company has completed three funding rounds totaling more than $35 million from premier venture capitalists and partners including Alloy Ventures, Benchmark Capital Partners, Berkeley International Capital Corporation, Munder Capital Management, Needham Capital Partners, QTV Capital, and Redpoint Ventures.

"We're pleased to enter into a banking relationship with Comerica and receive this line of credit, which will be invaluable to us as we continue to gain market share," said Larry Boucher, president, CEO and founder, Alacritech, Inc. "We wanted to work with a bank that understands the technology sector and has the ability to provide increasingly sophisticated products as our company matures, and Comerica filled the bill on both counts."

"Alacritech is strategically positioned at the forefront of the converging networking and storage markets, and its CEO has an excellent track record of successfully building companies," said Alan Jepsen, senior vice president and managing director, Comerica's Northern California Technology and Life Sciences Division. "Market penetration and management experience are two of the criteria we examine closely before making any type of credit facility commitment."

Alacritech Inc.

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