SAN JOSE, Calif. and CAMBRIDGE, Mass./Sept. 17, 2002 - Comerica (NYSE: CMA), a leading financial services company, and, Interwise®, the foremost provider of enterprise communications solutions, announced today that Comerica’s Technology and Life Sciences Division has provided the Cambridge-based company with a $4 million revolving line of credit and a $2 million equipment purchase facility. The funds will be used as working capital and to purchase equipment for Interwise’s worldwide facilities.
"We are pleased to be able to provide this credit facility to Interwise, a company whose innovative technology has led to a strong international presence," said David Stearns, executive vice president and western district manager for Comerica’s Technology and Life Sciences Division. "Completing transactions such as this one solidifies Comerica’s position as a premier high tech financier that works with both emerging and more established companies."
Interwise was founded in 1994 and has grown steadily over the past eight years to more than 200 employees. The company’s Enterprise Communications PlatformTM enables companies to more consistently and cost-effectively communicate, collaborate and train key stakeholders across an extended enterprise via the Internet. Interwise completed securing $36 million in third-round private-equity financing in December 2001 and in addition to its global headquarters in Cambridge, has offices in seven countries and three U.S. cities.
"Interwise has enjoyed a good working relationship throughout this transaction with the Comerica technology team," said Linton Moulding, Interwise CFO. "Interwise appreciates working with partners who understand the impact our technology is having on our customers and the business objectives we are driving towards. Comerica hit the mark on both counts."
About Interwise
Interwise helps organizations address the communications challenges presented by dynamic business environments, global marketplaces and geographically dispersed stakeholders. Interwise Enterprise Communications Platform is a single platform for live collaboration, communications and eLearning. The leading choice of Global 2000 companies, Interwise maintains a presence in more than 20 countries through a direct sales force, distributors, value-added resellers and systems integrators. For more information, visit www.interwise.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $51 billion in assets.
Trademarks
Interwise Enterprise Communications Platform, Interwise Expressway and the Interwise logo are registered trademarks of Interwise. All other trademarks are the property of their respective holders.
Media Contacts:
Carmen Lewis
Interwise
(408) 748-7800
clewis@interwise.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
