SOURCE: Pardot


May 24, 2012 03:01 ET

Pardot Gets SaaS Credit Line From Silicon Valley Bank

Atlanta's Best Small Business Workplace, Which Doubled in Size Last Year, Plans to Add 100 New Hires in the Next 18 Months

ATLANTA, GA--(Marketwire - May 24, 2012) - Pardot received a line of credit today from Silicon Valley's premier lending group, adding fuel to one of the fastest growing cloud software providers in the industry. Silicon Valley Bank, financier to 50% of the venture-backed tech and life science companies in the United States, has extended a significant line of credit to Pardot. The financing will allow the small business-focused marketing automation vendor to grow even faster: the Atlanta-based company doubled in size in the past 12 months.

Pardot's marketing automation platform is used by more than 1,000 small and midsize businesses worldwide. The intuitive, cloud-based tool helps marketers develop and refine their lead generation strategies, automating key processes to drive revenue and decrease costs. Last month, Pardot was named Atlanta's best small business, cementing its position as one of the state's most attractive companies. Pardot has been one of Atlanta's fastest-growing companies for the past three years, according to the Atlanta Business Chronicle.

"The number one reason for our success is the quality of the people who work at Pardot," said Adam Blitzer, co-founder and COO at Pardot. "Every person here truly cares about Pardot, and the businesses and marketers we serve. This new financing relationship with the smart and experienced folks from Silicon Valley Bank will enable us to accelerate hiring. Our plan is to find and hire 100 of the best and brightest people between now and the end of 2013."

Pardot has a history of motivated hiring and happy employees. The company offers a $10,000 bonus to anyone who referred an engineer whom Pardot subsequently hired. Other positions carry a still-generous $2,000 bonus. Employees are rewarded with telecommuting, unlimited vacation days, catered breakfasts daily, lunches on Fridays, and other fun in-office perks.

"We're proud of our culture and very excited to add a great partner in Silicon Valley Bank," said Blitzer.

"Our mission is to help innovative, high-growth companies like Pardot improve their probability of success with highly-relevant financial services specific to their technology sector," said Dale Kirkland, Senior Vice President of Silicon Valley Bank's Atlanta office. "We are especially pleased to have found a way to support Pardot with our SaaS credit structure, which is tailored for high growth companies with a recurring revenue model."

About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (NASDAQ: SIVB).

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

About Pardot
Pardot is a B2B cloud marketing automation software provider that increases revenue and maximizes efficiency for companies with multi-touch sales cycles. Pardot's platform features CRM integration, email marketing, lead nurturing, lead scoring and ROI reporting to help marketing and sales teams work together to generate and qualify sales leads, shorten sales cycles, and demonstrate marketing accountability. Pardot offers affordable pricing for the SMB market.

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