Daily News: September 7, 2017

Pacific Mercantile Provides $6MM Facility to Thrive Networks

Pacific Mercantile Bank extended a $6 million credit facility to Thrive Networks. The credit facility consists of a term loan utilized for acquisition financing and a commercial line of credit.

“Pacific Mercantile Bank has demonstrated a level of sophistication and expertise that makes them an excellent banking partner to support the expansion of our company,” said Rob Stephenson, CEO of Thrive Networks. “We have developed an exceptional technology services platform to serve the mid-market and enterprise sectors and see tremendous opportunities to build our client roster.”

“We appreciate the opportunity to work with M/C Partners and its portfolio company Thrive Networks,” said Tom Vertin, president and CEO of Pacific Mercantile Bank. “We are excited about the opportunity to grow our relationship as Thrive builds its reputation as one of the most respected technology solutions firms and expands to new geographic markets.”

Thrive Networks is a next generation managed services provider utilizing cloud, cyber security, networking, disaster recovery and other pioneering managed services to help compliance-driven businesses solve complex IT issues.