SOMERSET, N.J., Sept. 22, 2021 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in cloud-based healthcare technology and revenue cycle solutions, today announced that Silicon Valley Bank (NASDAQ: SIVB), the bank of the world’s most innovative companies and their investors, has increased its secured line of credit, which is currently untapped, to $20 million to support future growth. The term of the line of credit was also extended by two years, to October 13, 2023.
“We have had the pleasure of working with the CareCloud team since 2017 and have witnessed their tremendous growth over the years,” said Tom Gordon, Managing Director of Life Science and Healthcare at Silicon Valley Bank. “We have confidence in the CareCloud business strategy and look forward to supporting their continued growth.”
“Our strong, virtually debt-free, balance sheet enabled us to grow our revenues at a 44% compound annual growth rate and our adjusted EBITDA by 79% since 2017, without diluting our common shareholders,” said Bill Korn, Chief Financial Officer of CareCloud. “Today’s increase in our credit line further positions us to continue to close strategic transactions on favorable terms as we lead the consolidation in our market sector. We appreciate Silicon Valley Bank’s partnership and belief in our business model.”
CareCloud’s revolving line of credit from Silicon Valley Bank provides up to $20 million of capital to be used for growth and general corporate purposes
About Silicon Valley Bank
For 35 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.
About CareCloud
CareCloud (Nasdaq: MTBC) (Nasdaq: MTBCP) brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, telehealth and patient experience management (PXM) at www.carecloud.com.
For additional information, please visit our website at www.carecloud.com.
