PRINCETON, N.J., Sept. 4, 2012 /PRNewswire/ -- Snap MyLife, Inc., a fast-growing developer of cloud-service mobile applications for consumers, today announced that the company has received a $3 million term loan from Silicon Valley Bank. Snap MyLife, Inc. will use the cash infusion to drive ongoing growth and customer acquisition initiatives.
The current term loan is the latest transaction in a long-term partnership. A top tech company financer, Silicon Valley Bank has extended debt to Snap MyLife, Inc. in the past to fuel product development and customer growth projects.
"The cloud-service application industry is on a fast-growth trajectory, and Snap is poised to capitalize on new opportunities," said Rich White, Relationship Manager at Silicon Valley Bank. "We're pleased to partner with the Snap management team to support the company's latest business development efforts."
"Silicon Valley Bank is the technology sector's finance leader," said Jiren Parikh, CEO at Snap MyLife, Inc. "We're excited to work with Silicon Valley Bank again as we continue to build new business and achieve growth targets."Snap MyLife, Inc. offers applications under the Snap Secure, Snap Sync, Snap MyLife, Snap Play and Snap MyLife Creations brands, giving consumers new ways to leverage cloud-services for security, backup, synchronization, content sharing, messaging, editing and streaming across virtually all consumer electronics device categories. Find out more at www.snapmylifeinc.com. Learn more about Silicon Valley Bank at www.svb.com. About Silicon Valley BankSilicon 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 27 U.S. offices and seven 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. About Snap MyLifeSnap MyLife, Inc. is a fast-growing developer of consumer cloud-service applications for mobile devices and other Internet-enabled consumer electronics. Its applications under the Snap™, Snap MyLife ®, Snap Sync™, Snap Play™ and Snap Secure ® brands allow consumers to leverage cloud-services with simple, yet powerful applications for content sharing, messaging, editing, streaming, backup and synchronization, as well as device and content security across virtually all consumer electronics device categories. Snap MyLife, Inc., is headquartered in Princeton, N.J., with offices globally, and is backed by Edison Ventures and Sycamore Ventures. For more information, visit www.snapmylifeinc.com. Snap MyLife, Snap Secure and Snap are registered trademarks and Snap Sync and Snap Play are trademarks of Snap MyLife, Inc. All other trade names are the property of their respective owners.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts