Daily News: June 16, 2014

Astea Obtains Revolver from Silicon Valley Bank

Astea International announced it has obtained a two-year, revolving line of credit for working capital needs from Silicon Valley Bank (SVB) for $3 million.

Astea said the secured revolving line of credit is subject to a borrowing base of trade accounts receivable.

“We are pleased to announce our new credit facility with Silicon Valley Bank. This new credit facility provides additional financial flexibility at very attractive interest rates,” said Zack Bergreen, chief executive officer.

Horsham, PA-based Astea International is a global provider of software solutions that offer all the cornerstones of service lifecycle management, including customer management, service management, asset management, forward and reverse logistics management and mobile workforce management and optimization.