Trakopolis Secures USD $3.5 Million Credit Facility from Silicon Valley Bank
Summary
“Reducing our cost of borrowing to under 7% based on today’s rates, with no dilutive instruments attached, and adding a revolving line of credit provides the Company with a debt facility that is aligned with our focus on recurring revenue,” said Trakopolis’ CFO, Richard Clarke.“Trakopolis has created an innovative platform and achieved notable growth,” said Ryan Kirschling, Director for Silicon Valley Bank.Trakopolis is a Software-as-a-Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers.Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
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