RALEIGH, N.C., June 29, 2017 (GLOBE NEWSWIRE) -- MaxPoint (Nasdaq:MXPT) today announced it has amended its Loan and Security Agreement with Silicon Valley Bank to extend the maturity date of its revolving line of credit through June 30, 2019. The agreement, initially signed in June 2014, currently allows for potential maximum aggregate advances of up to $35.0 million.
“MaxPoint’s innovative platform is helping to bridge the digital gap for physical retailers,” said Will Deevy, Vice President at Silicon Valley Bank in Washington, DC. “We are very pleased to be able to extend and expand our long-standing relationship with MaxPoint, having served as the company’s financial services partner for more than seven years.”
Brad Schomber, MaxPoint’s CFO added, “We look forward to continuing our long-term partnership with SVB and this facility provides us important flexibility in managing our working capital.”
The Loan and Security Agreement contains customary affirmative and negative covenants, as well as certain financial covenants. Detailed information regarding the Loan and Security Agreement, as amended, can be found in the Company’s periodic reports filed with the Securities and Exchange Commission and on the Company’s website.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About MaxPoint
MaxPoint is a marketing technology company that generates hyperlocal intelligence to optimize brand and retail performance. We provide a platform for brands to connect the digital world with the physical world through hyperlocal execution, measurement, and consumer insights.
The company’s proprietary Digital Zip® technology and the MaxPoint Intelligence Platform™ predict the most likely buyers of a specific product at a particular retail location and then execute cross-channel digital marketing programs to reach these buyers. For more information, visit maxpoint.com.