Daily News: September 4, 2012

Silicon Valley Bank Provides $3 Million Term Loan to Snap MyLife


Snap MyLife, Inc., a growing developer of cloud-service mobile applications for consumers, announced that the company has received a $3 million term loan from Silicon Valley Bank. Snap MyLife 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 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. “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.

Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.