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The company has entered into a credit facility with Silicon Valley Bank to finance the expansion of its global presence
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, today announced it has entered into a new $ 25 million debt and working capital facility with Silicon Valley Bank (SVB). The facility will be used to accelerate growth, facilitate larger commitments in the supply chain, and manage working capital requirements driven by increased orders from OEM customers.
SVB has more than quadrupled the facility to help meet Ubicquia’s working capital needs of its growing customer base in cities, utilities and mobile network operators in the United States and Latin America. Ubicquia plans to expand its scope worldwide, expanding its smart city, connectivity and smart grid platform offerings 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 was our working capital partner when we started our trip to the United States. We are now strengthening our partnership as we expand further in Latin America and explore new distribution in Europe and Asia. The SVB team has taken the time to truly understand the value of our business and our platforms in meeting our working capital needs today and in the future, ”said Ian Aaron, CEO of Ubicquia.
Given current supply chain constraints impacting production internationally, the deal will also help ensure Ubicquia meets growing demand as it expands its rapidly expanding product portfolio. growth, as well as giving the company more flexibility in the management of its operations.
“We are excited to be working with Ubicquia as they develop and deliver products to strengthen networks and expand wireless access globally,” said Dale Kirkland, Managing Director of Silicon Valley Bank. “Ubicquia’s platforms are necessary tools to build smart and connected cities.
Ubicquia® offers municipalities, utilities and mobile operators a cost-effective and scalable platform for the deployment of smart city, small cell and smart grid services. Ubi’s suite of product lines includes UbiCell ™, UbiHub ™ and UbiMetro ™, which are NEMA receptacle compatible and compatible with over 360 million street lights worldwide, as well as UbiGrid ™, which provides advanced monitoring utility and grid stability for a large class of utility devices from substation to meter. Ubicquia is actively involved in organizations, including the US Conference of Mayors Business Council, Competitive Carrier Association, CTIA, CBRS Alliance and the Illuminating Engineering Society, to help lead 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 been helping innovative companies and their investors quickly advance bold ideas. 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 meet the unique needs of innovators. Learn more at svb.com.