ATLANTA, April 17, 2014 (GLOBE NEWSWIRE) -- H2O Overgroup announced today the company has obtained a $1,000,000 Recurring Revenue Line of Credit from Silicon Valley Bank. This access to additional capital will help fuel the growth of the leader in innovative billing and back-office solutions. Silicon Valley Bank, financier to 50% of the venture-backed tech and life science companies in the United States, has extended the line of credit to H2O to invest in technology and staffing to accelerate growth.
H2O Overgroup's software is used by technology and communication service providers across the US and has been recognized for setting the standard in billing and OSS solutions. Their highly flexible, scalable and secure web-based platform helped redefine the way technology service providers view Billing and CRM solutions.
"We made the decision to partner with SVB because they understand the financials of a growth stage technology company and they offer an ecosystem of technology companies for business networking," says Brent Maropis, CEO of H2O Overgroup. "We appreciate SVB's confidence in our company."
"Helping our clients grow their business is what we strive to do every day," said Andy Kirk, Director at Silicon Valley Bank. "We're proud to offer our partnership to H2O Overgroup as they take on the next stage in their growth and expansion strategy."
ABOUT H2O OVERGROUP
H2O Overgroup, recognized as an Inc 5000 company, develops a real-time web-based software for technology service providers to manage their customers' subscriptions, usage, taxation, billing, and payments. Founded in 2002, Overgroup has grown to be the go-to solution for technology service providers across the United States. For more information, visit www.overgroup.com or call 1-866-470-5502.
ABOUT SILICON VALLEY BANK
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq:SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
CONTACT: MEDIA CONTACTS: Sunita Voleppe Marketing Manager Overgroup Consulting, LLC. 866-470-5502 ext. 230 firstname.lastname@example.orgSource: H2O - Overgroup