Thu, 21/02/2013 - 06:02
Silicon Valley Bank, financial partner to the technology, life science, cleantech, private equity and venture capital industries, has joined HSBC as a joint senior lender to Vero Software, a computer aided design (CAD) and computer aided manufacturing (CAM) development company.
The newly acquired funds from Silicon Valley Bank have been used to support the company’s acquisition of Sescoi International, an international supplier of CAD/CAM software solutions, and the purchase of assets from Surfcam, a major CAM software company.
Vero Software is a portfolio company of Battery Ventures, a technology investor.
Headquartered in Cheltenham, Vero Software has a global presence with operations in North America, Germany, Japan, Italy and France. Vero Software designs, develops and distributes CAD/CAM software for the manufacturing sector, most notably within automotive, aerospace, machinery and consumer goods production. As part of the company’s global development, both transactions will enhance the existing product portfolio and broaden the geographic reach of the business.
“This is a very exciting time for Vero Software. The acquisition and asset purchase further strengthens Vero’s geographic reach, client solutions and development engine and is another important milestone in the company’s continuing growth,” says Paul Jackson, managing director of corporate banking at Silicon Valley Bank’s UK branch.
“We are pleased to be working with a bank that truly understands our business and the innovation sector as a whole. With the additional support of Silicon Valley Bank, we are looking forward to the continued growth of our business and enhancing the services, knowledge and expertise we already offer to our clients,” says Richard Smith, chief executive of Vero Software.
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