CRM software provider, Applix Inc., has secured a $5 million credit facility from Silicon Valley Bank. Applix restructuring initiatives have also proved cost effective, and it appears to be succeeding in its bid to make savings this quarter. These announcements come after Applix implemented a restructuring and expense reduction plan during the second quarter of 2001, with the aim of streamlining its global operations.
"We successfully reduced expenses over the past two quarters, and while we don't immediately anticipate accessing the $5 million credit facility provided through Silicon Valley Bank, it gives us the financial flexibility to continue to pursue our strategic objectives, " said Ed Terino, Applix Chief Financial Officer. "We met with a number of lending institutions and found Silicon Valley Bank to be the most accommodating and understanding of our business needs. We look forward to a long relationship with Silicon Valley Bank."
"Applix is a solid partner: a high-technology company with superior products and a sound vision," said Byran Jadot, vice president, Silicon Valley Bank's Boston office. "We are happy to provide them the potential to access additional capital, giving them the added liquidity to execute their strategy and weather the current financial downturn."