AcuityAds Announces Extension and Increase to its Revolving Line of Credit with Silicon Valley Bank
Sep 24, 2019, 08:00 ET
TORONTO and NEW YORK, Sept. 24, 2019 /CNW/ - AcuityAds Holdings Inc. (TSX:AT, OTCQX:ACUIF) ("AcuityAds" or "Company"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across digital advertising campaigns, is pleased to announce that it has completed an extension and increase to its revolving line of credit with Silicon Valley Bank ("SVB"). The agreement extends the maturity date of the existing loan from March 2020 to March 2021 as well as increases the availability on the line of credit to US$18 million from US$15 million.
"We are very pleased to have extended the maturity date and increased the amount of our operating line with Silicon Valley Bank. They have been and continue to be a great partner for AcuityAds," said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. "Having now surpassed the $100 million revenue milestone on a trailing-twelve-month basis, it is reassuring to have this strong lending relationship to help support our growing working capital requirements."
"We are pleased to play a role in supporting AcuityAds' next phase of growth," said Win Bear, Head of Business Development in Canada for Silicon Valley Bank. "AcuityAds offers an innovative solution for marketers to connect with customers through digital advertising. We look forward to continuing our relationship with the team."
About AcuityAds:
AcuityAds is a leading technology company that provides marketers a powerful and holistic solution for digital advertising across all ad formats and screens to amplify reach and Share of Attention® throughout the customer journey. Via its unique, data-driven insights, real-time analytics and industry-leading activation platform based on proprietary Artificial Intelligence technology, AcuityAds leverages an integrated ecosystem of partners for data, inventory, brand safety and fraud prevention, offering unparalleled, trusted solutions that the most demanding marketers require to be successful in the digital era.
AcuityAds is headquartered in Toronto with offices throughout the U.S., Europe and Latin America. For more information, visit AcuityAds.com.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. The Company's client that has been mentioned in this press release has the right to exercise an out-clause right at any time during the advertising campaign.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE AcuityAds Holdings Inc.
For further information: Tal Hayek, Chief Executive Officer, AcuityAds Holdings Inc., 416-218-9888, tal.hayek@acuityads.com; Jonathan Pollack, Chief Financial Officer, AcuityAds Holdings Inc., 416-218-9888, jp@acuityads.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, bpedram@virtusadvisory.com
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