IPG, a provider of device-benefit management solutions, closed a $15 million mezzanine debt financing with Silicon Valley Bank. The new facility will replace an existing $10 million facility with more favorable terms.

“After a year of phenomenal growth where IPG increased revenues by 66%, we are continuing to invest in infrastructure and new products to support our ever increasing health plan clients,” said Vince Coppola, president and CEO of IPG. “This additional working capital provided will enable us to more quickly bring additional products to market that continue to drive down the cost of healthcare for our clients and their network. SVB, with their suite of products, continues to be a primary driver in providing for our funding needs for the continued growth of our business.”

“We’re pleased to continue our partnership with IPG as they expand and scale their portfolio of surgical and implantable device management solutions,” said Dale Kirkland, managing director of Atlanta-based Silicon Valley Bank. “Our aim is to provide the IPG team with the right financing, connections and global services that they need to move their business forward quickly.”

IPG delivers a customized, data-driven approach to enable its health plan partners to manage their surgical and implant costs more effectively.