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Silicon Valley Bank, financial partner to technology and life science businesses and their investors worldwide, today announced that it has provided Lincor Solutions Inc., supplier of point of care computing platforms and patient engagement technology, with a $3 million equipment Line of Credit.
Lincor Solutions develops point of care computing platforms for hospitals and healthcare delivery organisations. Its platforms help hospitals to improve clinical data access, streamline operational effectiveness and enhance the patient experience. It provides secure, integrated access to clinical, picture archiving (PACS), medical records and hospital management systems to hospital staff, as well as multimedia entertainment, education and communications services for patients. Lincor is active in 28 countries and its products are currently deployed in more than 125 hospitals around the world.
Although historically based in Cork, Lincor's headquarters is now in Nashville, USA.
The new credit facility will be used to invest in equipment as Lincor Solutions launches its Software-as-a-Service (Saas) business in the US, and to support further expansion across EMEA.
Robert Brown, Chief Financial Officer, Lincor Solutions Ltd said: "The launch of our SaaS business in the US is an important step for us and this financing will enable us to fulfil our expansion ambitions in this area. Silicon Valley Bank is a great fit for us because of its deep understanding of the technology sector globally."
Andrew Hunter, Vice President for Silicon Valley Bank's UK Branch, added: "Silicon Valley Bank is delighted to be working with Lincor Solutions at this important stage in its growth. Lincor is transforming hospital performance and we are looking forward to supporting the business as it grows."