FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Ubicquia®, a global leader in smart city, connectivity and smart grid solutions that make cities smarter, safer and more connected announced today it has entered a new $25 million debt and working capital facility with Silicon Valley Bank (SVB). The facility will be used to accelerate growth, facilitate larger supply chain commitments and manage working capital requirements driven by increasing orders from OEM customers.
SVB has increased the facility more than four-fold to help address Ubicquia’s working capital needs of its growing city, utility, and Mobile Network Operator customer base across the U.S. and Latin America. Ubicquia plans to broaden its scope worldwide, extending its offerings of smart city, connectivity, and smart grid platforms to Europe and Asia.
“We have made significant investments over the years to build smart city, connectivity and smart grid platforms that can be deployed globally. SVB has been our working capital partner as we started our journey in the U.S. We are now strengthening our partnership as we expand further into Latin America and explore new distribution across Europe and Asia. The team at SVB took the time to truly understand the value of our business and platforms to address our working capital needs today and in the future,” said Ian Aaron, CEO of Ubicquia.
With current supply chain constraints impacting production internationally, the agreement will also help ensure Ubicquia meets increasing demand as it expands its growing product portfolio, as well as give the company more flexibility in managing its operations.
“We are pleased to work with Ubicquia as it develops and delivers products to strengthen grids and expand wireless access globally,” said Dale Kirkland, Managing Director at Silicon Valley Bank. “Ubicquia’s platforms are necessary tools in building smart, connected cities.”
About Ubicquia
Ubicquia® offers municipalities, utilities and mobile operators a cost-effective and expandable platform for deploying smart city, small cell and smart grid services. The Ubi suite of product lines include UbiCell™, UbiHub™ and UbiMetro™ which are NEMA socket-compliant and compatible with more than 360 million streetlights globally, as well as UbiGrid™, which provides advanced utility monitoring and grid stability for a large class of utility devices from the substation to the meter. Ubicquia is actively involved in organizations, including the US Conference of Mayors Business Council, Competitive Carrier Association, CTIA, CBRS Alliance, and Illuminating Engineering Society to help drive efforts to make global smart connectivity a reality. To learn more about how Ubicquia can make your city simply connected and simply smart, visit www.ubicquia.com or follow us on Twitter and LinkedIn.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
