Daily News: April 18, 2014

SVB Provides H2O Overgroup Credit Line for Growth

H2O Overgroup announced it obtained a $1 million recurring revenue line of credit from Silicon Valley Bank. SVB extended the line of credit to H2O to invest in technology and staffing to accelerate growth.

“We made the decision to partner with SVB because they understand the financials of a growth-stage technology company and they offer an ecosystem of technology companies for business networking,” says Brent Maropis, CEO of H2O Overgroup. “We appreciate SVB’s confidence in our company.”

“Helping our clients grow their business is what we strive to do every day,” said Andy Kirk, director at Silicon Valley Bank. “We’re proud to offer our partnership to H2O Overgroup as they take on the next stage in their growth and expansion strategy.”

H2O Overgroup develops a real-time web-based software for technology service providers to manage their customers’ subscriptions, usage, taxation, billing and payments.