LEWISVILLE, Texas--(BUSINESS WIRE)--
Teladoc, Inc. (NYSE:TDOC), the first and largest telehealth platform in
the United States, today announced that it has entered into a $25
million term loan and $25 million revolving line of credit agreement
with Silicon Valley Bank (SVB), the bank of the world’s most innovative
companies and their investors. This agreement provides up to $50 million
of new capital to the company to be used for general corporate purposes.
“Teladoc and SVB have been partners for over five years. Our partnership
has been forged between the people at both companies who have worked
tirelessly to provide Teladoc with the opportunity to pursue a number of
transactions in a very flexible and efficient manner,” said Mark
Hirschhorn, chief financial officer of Teladoc.
“We’re pleased to support Teladoc during this exciting time in the
company’s growth,” said Katherine Andersen, managing director for
Silicon Valley Bank. “Teladoc is driving important advancements to
telehealth services and the acquisition of HealthiestYou will allow them
to further cultivate and expand their portfolio of solutions. Our
objective is to provide the Teladoc team with the right financing and
connections to facilitate their continued success.”
About Teladoc
Teladoc, Inc. (NYSE:TDOC) is the nation's leading provider of telehealth
services and a pioneering force in bringing the virtual care visit into
the mainstream of today's health care ecosystem. Serving some 6,000
clients - including health plans, health systems, employers and other
organizations - more than 15 million members can use phone, mobile
devices and secure online video to connect within minutes to Teladoc's
network of more than 3,000 board-certified, state-licensed physicians
and behavioral health specialists, 24/7. With national coverage and a
robust, scalable platform, and a Lewisville, TX-based member services
center staffed by 400 employees, Teladoc offers the industry's most
comprehensive and complete telehealth solution including primary care,
behavioral health care, dermatology, tobacco cessation and more. For
additional information, please visit www.teladoc.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank
is the California bank subsidiary of SVB Financial Group. Silicon Valley
Bank is a member of FDIC and Federal Reserve System.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160712005630/en/
Source: Teladoc, Inc. and Silicon Valley Bank