Philadelphia and Princeton, NJ/Oct. 28, 2002 - Comerica (NYSE: CMA), a leading financial services company, and Princeton Softech, the pioneer and leader in active archiving technologies, announced today that Comerica’s Technology and Life Sciences Division has provided the New Jersey company with a $4.3 million credit facility, consisting of a $4 million working capital line of credit and a $300,000 standby letter of credit.
"As a financial services provider to the technology sector, we certainly realize the benefit of finding smarter ways to manage data, so we are pleased to provide Princeton Softech with this credit facility," said Steven D. Hobman, senior vice president and regional manager of Comerica’s Mid-Atlantic North Technology and Life Sciences Division. "Our team can leverage Comerica’s resources to assist technology companies at all stages of their lifecycles, and we have the expertise to provide them with sound financial advice."
For more than 10 years, Princeton Softech has provided data management solutions to some of the world’s largest companies, allowing them to increase productivity and see a greater return on investment. Apax Partners and LLR Partners finance the company, which has more than 2,000 customers worldwide.
"We chose to work with Comerica due to the company’s strong track record in the technology sector and strong relationships with the venture capital community," said Lou Desiderio, Princeton Softech’s CFO. "This credit facility will help support growing our leadership in the active archiving market."
Based on Princeton Softech’s unique Relationship EngineTM technology, Princeton Softech's Active ArchiveTM Solutions help companies control excessive database growth in their most important applications by allowing the removal of aged or infrequently used data to an active archive while maintaining the data's referential integrity. Users can search, browse and report on the data in the active archive, and can selectively restore subsets of data to the database even if the database model has changed.
"Princeton Softech is one of the most exciting companies in our portfolio, and Comerica is well known to us as a premier venture banker," said Mitchell Hollin, partner at LLR Partners. "We’re pleased to see the two of them working together on this deal, as we know this credit facility will help facilitate Princeton Softech’s continued growth."
About Princeton Softech
Princeton Softech (www.princetonsoftech.com), the pioneer and leader in active archiving technology delivers proven software products that help enterprises enhance the performance and availability of mission critical applications and databases by storing data smarter. Princeton Softech's suite of Active ArchiveTM Solutions support the leading database management systems and operating platforms. Ongoing active archiving enables companies to manage accelerating database growth, while significantly reducing costs and achieving a greater return on investment. Princeton Softech is a leader in enterprise-scale data management solutions, with more than 2,000 of the world's largest companies across industries in more than 30 countries using Princeton Softech's products and services. Princeton Softech is financed by Apax Partners and LLR Partners.
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 in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. 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 $52.6 billion in assets.
Media Contacts:
Jennifer Reese
Princeton Softech, Inc.
(609) 627-5500
info@princetonsoftech.com
or
Jim Angstadt
Garfield Group Public Relations (for Princeton Softech)
(215) 867-8600 x262
jangstadt@garfieldgroup.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
