Up to $60M Credit Line from Silicon Valley Bank positions UnitedLex for Rapid Growth
Access to New Capital Will Fuel UnitedLex’s Strategic Growth, Accelerate Global Expansion and Supplement its $250 Million in Other Available Assets
Overland Park, KS (November 20, 2014) – UnitedLex, a global, full-service provider of technology-powered legal and business services, today announced it has secured a $30 million line of credit with the ability to extend to $60M with Silicon Valley Bank (NASDAQ: SIVB).
The discretionary funds will be used to support increasing demand from leading US and UK law firms and the world’s largest companies for UnitedLex services and technology in litigation support, intellectual property, cybersecurity and other areas. It will also help the company accelerate expansion of its existing global footprint and enable strategic investments in new facilities, partnerships and other revenue-generating initiatives.
“Rather than go through traditional VC channels, we selected Silicon Valley Bank in order to have access to additional capital – if and when we need it -- without relinquishing any equity,” said Daniel Reed, CEO of UnitedLex. “This new line of credit provides a material addition to UnitedLex’s ‘war chest,’ providing greater financial stability and positioning the company for significant growth and expansion.”
Specifically, the new funds may be used to expand UnitedLex’s research and development in areas that provide clients a unique advantage in all aspects of data management and legal analytics as well as technology assisted review. It will also be used to expand several existing facilities in regions that are experiencing rapid growth, and roll out new services and capabilities to further extend the company’s competitive market advantage. UnitedLex also expects to aggressively pursue new alliances and innovative partnerships that will not only benefit the company and its clients, but also bring transformational changes to the legal industry.
“UnitedLex is one of the most intriguing companies in the legal sector given its position at the convergence between the law and cybersecurity,” said Jay Wefel of Silicon Valley Bank. “This new financing will support the company’s expansion and global capabilities as it continues to add to its already impressive customer list.”
UnitedLex (www.unitedlex.com) is a global leader in legal and data solutions with a singular mission to improve the performance of leading corporations, law firms and academic institutions. UnitedLex provides unparalleled solutions resulting in risk mitigation, efficiency improvements and cost optimization for its clients in North America, Europe and Asia– including offerings such as Questio™, a managed service that changes the traditional approach to eDiscovery and data management. UnitedLex's more than 1,800 attorneys, engineers and consultants focus on the broadly defined areas of litigation, contracting and intellectual property to drive seven and eight figure benefits to its clients. Founded in 2006, and with more than $250 million in assets and committed capital, UnitedLex deploys the right blend of service and technology in supporting the world's leading corporations and law firms. UnitedLex is committed to empowering legal leadership in the design, build and execution of a spectrum of solutions in line with their immediate and long-term objectives.
About Silicon Valley Bank
Silicon Valley Bank (www.svb.com) 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.
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.