Software vendor Seagull Software (AEX: SEAGULL) today announced that Silicon Valley Bank (SVB), the primary banking subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), has favorably revised and increased their support of Seagull Software to include a $2 million revolving credit facility. This new line of credit replaces a $1.5 million working capital line of credit established in 2002.

"As one of the top financial institutions for the tech sector, Silicon Valley Bank understands the landscape for technology companies in today’s economic environment," said Don Addington, CEO and president for Seagull Software. "We continue to grow our relationship with Silicon Valley Bank as a strategic partner and are pleased with their confidence in our business model."

Seagull Software specializes in powerful software technology that enables flexible, low risk and predictable transformations of legacy IT systems to next-generation architectures. The LegaSuite® platform of integration, Web-enablement and terminal emulation solutions reflects over 14 years of legacy liberation experience, and is used by over 8,000 organizations around the world for business-critical operations. The company is committed to offering the best customer experience, delivering strategic solutions that meet both present and future technology and business requirements.

To date, the Company has not utilized the line of credit, and has successfully preserved the total cash reserve of $6.8 million reported at the end of the first half of the current financial year. "The best time to establish a line of credit is when you don’t need it," Addington continued. "This expanded line of credit also includes more favorable terms that will make it easier to utilize the facility if the need for additional working capital emerges over the coming years."

"Armed with a strong, relevant product portfolio and guided by a highly talented and experienced management team, Seagull Software is well-poised for success," said Alan P. Spurgin, Southeast region manager for Silicon Valley Bank. "Our focus is to provide established and emerging growth companies like Seagull Software with financial flexibility to successfully execute their business objectives."