DURHAM, N.C., Sept. 27, 2017 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a revolving line of credit to new client MapAnything, Inc., a leader in geo-productivity and intelligence solutions for business. The $6 million facility is available to support the company's future working capital needs and complements its $33,100,000 Series B equity financing which closed in January 2017.
Headquartered in Charlotte, NC, MapAnything’s geo-productivity software for Salesforce and ServiceNow drives productivity across multiple use cases including sales, service and operations. Founded in 2009, MapAnything provides a suite of location-aware applications to drive revenue and productivity for field-based work, while tracking all business activities, decisions and procedures through the CRM workflow. MapAnything is backed by leading investors including Columbus Nova Technology Partners, Greycroft Partners, Harbert Growth Equity, Salesforce Ventures and ServiceNow Ventures.
“Building a high-growth SaaS business requires access to capital to fuel growth,” said Chris Rosbrook, chief financial officer of MapAnything. “Our partnership with Square 1 and this new credit facility will ensure we deliver the best possible shareholder returns while we continue to grow our business rapidly.”
“MapAnything’s software increases client productivity by enabling users to leverage their Salesforce data to schedule more appointments and boost revenue,” added Dhruv Patel, vice president in Square 1’s technology banking practice. “With an experienced leadership team and solid investor backing, MapAnything is poised for significant growth and success. We look forward to serving as their financial services partner during this exciting time.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
Combine today’s global economy with a mobile workforce, and you get a lot of moving parts. CRM alone can’t help you answer the critical business questions: Where is my business? Where do I need to go? Founded in 2009, MapAnything is an innovator and pioneer in Geo-Productivity Software. With more than 1,800+ customers globally, ranging from Large Enterprises to Small Business, we believe that “Where Matters.”
MapAnything is a Salesforce Gold App Innovation Partner, and a ServiceNow Technology Partner. They have received Ventana Research’s 2016 Technology Innovation Award for Location Analytics and been named a Customer’s Choice – Highly Reviewed App by users of Salesforce. To learn more, visit www.mapanything.com.