AUSTIN, Texas, June 20, 2017 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $70 million syndicated credit facility to existing client Alert Logic, a leader in Security-as-a-Service solutions for the cloud. Proceeds from the facility will be used for working capital and various internal growth initiatives.
Headquartered in Houston and with seven global offices, Alert Logic combines cloud-native software and analytics with expert services to assess, detect and block threats to applications and other enterprise workloads. Alert Logic monitors, analyzes and protects enterprise application environments with intrusion detection, vulnerability assessment, web application security and log management solutions coupled with 24x7 security monitoring, threat intelligence, security research and content production, machine learning and other forms of security analytics.
“Over the years, Alert Logic has counted on Square 1 for the working capital and financial flexibility that have allowed us to successfully grow our business in the rapidly changing technology sector,” said Gray Hall, chief executive officer of Alert Logic. “Square 1 has the technology industry expertise, financial leadership and unwavering customer focus that we look for to head up all of our commercial banking needs.”
“Square 1 has enjoyed a long relationship with Alert Logic having served as the company’s financial services partner for over eight years,” added David McLaughlin, managing director of Square 1’s Texas region. “It has been exciting to watch the company evolve into a leader in the cybersecurity sector. We are thrilled that Square 1 can grow with Alert Logic and continue to provide tailored solutions for the company’s banking needs with this syndicated credit facility.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.