Rainmaker Secures $9 Million Credit Facility from Silicon Valley Bank
ATLANTA, Sept. 13, 2011 /PRNewswire/ -- Silicon Valley Bank, financial partner to technology companies of all sizes worldwide, completed a $9 million debt financing deal for The Rainmaker Group, the leading software as a service provider of revenue management and profit optimization solutions to multi-family housing, gaming properties and hospitality companies. Rainmaker will use the new financing to accelerate its growth.
Rainmaker currently provides revenue management software to more than 100 gaming properties worldwide and is contracted for use with more than one million multifamily housing units for owners and operators across the United States.
"Working with partners that understand our business has been essential to our success," said Bruce Barfield, CEO of Rainmaker. "Our team at Silicon Valley Bank has specific experience working with high-growth SaaS companies, and they have the products and mindset to help us make important financial decisions in support of our long-term goals."
"Over many years, Rainmaker has built a successful company that keeps growing," said Dale Kirkland, Senior Relationship Manager in Silicon Valley Bank's Atlanta office. "We exist to help technology companies like Rainmaker reach their most ambitious goals. While the Rainmaker team sets out to support an ever-increasing client base, we will make every effort to support the company with the right financial products, services, advice, connections and industry intelligence that will help them get there."
Silicon Valley Bank's experienced bankers offer a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
The Rainmaker Group is a Microsoft Gold Certified Partner and industry-leading provider of revenue management and profit optimization solutions to owners/operators in the multifamily housing and gaming/hospitality industries. Rainmaker software, coupled with professional business consulting services, enables multifamily housing operators to maximize revenue from apartment leases and helps operators of casino hotels and other hospitality enterprises secure the most valuable customers to increase their profitability. Rainmaker software delivers real results for multifamily housing operators such as Archstone, AvalonBay Communities, Equity Residential, Post Properties, Simpson Housing, Mid-America Apartment Communities and many others. Gaming/Hospitality clients include leading casino/hotel organizations such as Atlantis The Palm Dubai, Caesars Entertainment, IP Casino Resort Biloxi, Isle of Capri Casinos, MGM Resorts International, Omni Hotels & Resorts, Wynn Las Vegas and other leading companies. Headquartered in northern Atlanta, GA, Rainmaker is a solid, profitable, rapidly growing, privately held company. For more information, go to www.LetItRain.com.
SOURCE Silicon Valley Bank