Nallatech, the leader in high-performance FPGA computing solutions, today announced that it has secured a $5 million funding facility from ETV Capital S.A. and Bridge Bank, N.A. to fund its increased focus on the U.S. market.
The $5M facility will be used to fund the implementation of the next phase of Nallatech’s growth plan, which will see the majority of the company’s resources focused on one of the fastest growing markets for high-performance FPGA computing solutions – the military and aerospace sector in the U.S. The company will significantly increase its investment in U.S. commercial activities during the first half of 2006 in order to meet the continuing growth in sales, including a doubling of headcount in the U.S. with the recruitment of additional sales and technical support staff.
“We are extremely pleased to partner with ETV Capital and Bridge Bank,” said Craig Anderson, CEO of Nallatech. “Together with the support and backing of our other financial investors, 3i and Scottish Equity Partners, this facility gives us the flexibility and financial resources we need to take advantage of the ever increasing demand for high-performance FPGA computing solutions in the U.S. military and aerospace sector.”
“ETV Capital looks forward to working with Nallatech during this exciting growth phase. ETV Capital believes that the innovative and international nature of the financing package put together by us and Bridge Bank is uniquely suited to Nallatech’s financing requirements at this stage of the company’s development,” in a statement from ETV Capital S.A.
“Bridge Bank is delighted to begin our relationship with Nallatech. Nallatech is one of our key international technology clients and this exemplifies the Bank’s commitment to serving technology companies with creative solutions,” commented Michael J. Field, executive vice president of Bridge Bank’s Technology Banking Division.
About Bridge Bank, N.A. (NASDAQ: BBNK)
Bridge Bank, N.A. is Silicon Valley’s full-service professional business bank. The bank is dedicat ed to meeting the financial needs of small and middle market, and emerging technology businesses in the Silicon Valley, Palo Alto, San Ramon-Pleasanton, Sacramento, San Diego, Bakersfield, Fresno, and Orange County business communities. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers. Visit Bridge Bank on the web at www.bridgebank.com.
About ETV Capital S.A.
ETV Capital S.A. is Europe’s leading provider of venture debt and structured finance solutions for venture capital backed information technology, life science and intellectual property based companies. Visit ETV Capital S.A. www.etvcapital.com.
For further information please visit www.nallatech.com.