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NEW YORK, N.Y., – Online targeting platform leader [x+1] announced today it has renewed and increased its line of credit from Silicon Valley Bank, the premier commercial bank for companies in the technology sector. The facility will provide up to $10 million of working capital in support of the company’s impressive growth.
The line of credit is coming off [x+1]’ s recent strong performance, including the rollout of its new audience targeting platform with Smart Tagging, and increased sales of its Media+1 and Site+1 solutions for optimizing digital media and websites, respectively. A key driver behind [x+1]’s growth is demand from marketers and agencies who are seeking a single, comprehensive solution for all their multichannel online marketing needs.
“Helping innovative companies succeed is what we do best,” said Laura Scott of Silicon Valley Bank in Boston. “We are pleased to see [x+1] reaching and exceeding its objectives and we look forward to working with the company as it continues to grow.”
“Our ability to secure this increased line of credit from Silicon Valley Bank in a challenging debt market demonstrates its confidence in our business model, performance, strong market position and growth path to date,” said John Nardone, chairman and CEO of [x+1]. “This facility will provide the working capital we require to continue to identify and pursue new market opportunities and develop innovative solutions that deliver measurable returns.”
[x+1]’s platform includes cutting-edge applications that deliver conversion results and campaign ROI in media targeting (Media+1), landing page optimization (Landing Page+1), website personalization (Site+1) and Virtual Audience Networks. Its patented technology makes online media and marketing more effective by identifying high-value customers and prospects and serving them relevant messaging across the digital marketing spectrum.
About [x+1]
[x+1], the online targeting platform leader, maximizes the return on marketing investment (ROI) of websites and digital media using its patented targeting technology. Providing the first end-to-end digital solution for advertisers and agencies, it optimizes engagement rates and lift conversion in both media and on websites. Its predictive marketing solutions enable automated, real-time decision making and personalization so the right advertisement and content is delivered to the right person at the right time. Top companies in financial services, telecommunications, online services and travel have significantly increased the performance of their digital marketing using the services of [x+1]. The company is headquartered in New York City. For more information, please visit www.xplusone.com;
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq:SIVB)
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: Wendy Marx, Marx Communications (203-445-2850 or wmarx@marxcommunications.com)
