BETHESDA, Md., Jan. 4, 2011 /PRNewswire/ -- WealthEngine, the leading provider of sophisticated prospect research tools and analytics, announced today that it has secured a $2.5 million credit facility from Comerica Bank, one of the nation's leading business banks. The credit line will be used by the Company to strengthen its technical infrastructure and fuel its product development.
"We grew 30% in 2009 and another 40% in 2010," said Tony Glowacki, WealthEngine's Chief Executive Officer. "In the last 12 months, and in the midst of what is still a difficult economic environment, we'll have added almost 900 new clients to our base of over 2000. Additionally, we are rapidly expanding our wealth identification database products and services as our clients' prospect research needs continue to grow in complexity."
Recognizing the sizable prospect research and wealth identification market, Novak Biddle Venture Partners and QED Investors made a $5 million investment in WealthEngine in March of 2010. The venture funding, combined with the Comerica credit facility allows WealthEngine to accelerate product development, enhance its service offering, and expand marketing and geographic reach.
"We are pleased to have a financing partner the caliber of Comerica Bank," said Ron Smith, WealthEngine's Chief Financial Officer. "The Technology & Life Sciences team took the time to understand our business and provide a solution that fits our needs."
"Our team has developed considerable expertise in the technology sector which is why we're able to quickly respond to clients with creative solutions," said Comerica Managing Director, Todd McDonald. "We are pleased to help companies as they are growing and creating jobs."
WealthEngine is a leading provider of sophisticated wealth identification and prospect research and analytics to financial services firms, hospitals, institutions of higher education and nonprofit organizations. More than 2000 clients use WealthEngine's products for comprehensive prospect research on individuals, companies and foundations. Headquartered in Bethesda, MD, WealthEngine offers products in both the United States and the United Kingdom. For more information, visit www.wealthengine.com.
About Comerica Incorporated
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments:
The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $55.0 billion at September 30, 2010.