Daily News: May 29, 2012

Pardot Receives Credit Line From Silicon Valley Bank

Silicon Valley Bank has extended a significant line of credit to Pardot. The financing will allow the small business-focused marketing automation vendor to grow even faster: the Atlanta-based company doubled in size in the past 12 months.

Pardot’s marketing automation platform is used by more than 1,000 small and midsize businesses worldwide. The intuitive, cloud-based tool helps marketers develop and refine their lead generation strategies, automating key processes to drive revenue and decrease costs.

“The number one reason for our success is the quality of the people who work at Pardot,” said Adam Blitzer, co-founder and COO at Pardot. “Every person here truly cares about Pardot, and the businesses and marketers we serve. This new financing relationship with the smart and experienced folks from Silicon Valley Bank will enable us to accelerate hiring. Our plan is to find and hire 100 of the best and brightest people between now and the end of 2013.”

“We’re proud of our culture and very excited to add a great partner in Silicon Valley Bank,” said Blitzer.

“Our mission is to help innovative, high-growth companies like Pardot improve their probability of success with highly-relevant financial services specific to their technology sector,” said Dale Kirkland, SVP of Silicon Valley Bank’s Atlanta office. “We are especially pleased to have found a way to support Pardot with our SaaS credit structure, which is tailored for high growth companies with a recurring revenue model.”