Silicon Valley Bank increased the secured line of credit of CareCloud, which is currently untapped, to $20 million to support future growth. The term of the line of credit was also extended by two years to Oct. 13, 2023.
“We have had the pleasure of working with the CareCloud team since 2017 and have witnessed their tremendous growth over the years,” Tom Gordon, managing director of life science and healthcare at Silicon Valley Bank, said. “We have confidence in the CareCloud business strategy and look forward to supporting their continued growth.”
“Our strong, virtually debt-free balance sheet enabled us to grow our revenues at a 44% compound annual growth rate and our adjusted EBITDA by 79% since 2017 without diluting our common shareholders,” Bill Korn, CFO of CareCloud, said. “Today’s increase in our credit line further positions us to continue to close strategic transactions on favorable terms as we lead the consolidation in our market sector. We appreciate Silicon Valley Bank’s partnership and belief in our business model.”
CareCloud’s revolving line of credit from Silicon Valley Bank provides up to $20 million of capital to be used for growth and general corporate purposes.
CareCloud is a provider of cloud-based healthcare technology and revenue cycle solutions.
