UPDATE: Mattersight Announces New Credit Facility
CHICAGO, IL -- (Marketwired) -- 08/22/13 -- Mattersight Corporation
(NASDAQ: MATR) today announced that it has entered into a new credit
facility with Partners for Growth (PfG).
The facility provides for a $3 million revolving line of credit
maturing in 2016 and an additional $2 million convertible term loan.
The facility is subordinated to the company's existing $10 million
credit facility with Silicon Valley Bank.
"We are delighted to be able to provide capital to Mattersight as we
are impressed with the strong platform and customer base Mattersight
has built. In addition, we are excited about the potential of
Mattersight's Predictive Behavioral Routing solution," said Philip
Mattersight expects to end the third quarter with approximately $11
million to $12 million in cash and does not expect to draw down on
its new credit facility in the third quarter. Mattersight now has a
total of $15 million in lines of credit, of which it expects to have
drawn down $3.7 million as of the end of the third quarter (this
amount is down from $6.1 million as compared to the end of the second
Mattersight is a leader in enterprise analytics focused on customer
and employee interactions and behaviors. Mattersight(R) Behavioral
Analytics captures and analyzes customer and employee interactions,
employee desktop data and other contextual information to optimally
route customers to the best available employee, improve operational
performance, and predict future customer and employee outcomes.
Mattersight's analytics are based on millions of proprietary
algorithms and the application of unique behavioral models. The
company's SaaS+ delivery model combines analytics in the cloud with
deep customer partnerships to drive significant business value.
Mattersight's solutions are used by leading companies in Healthcare,
Insurance, Financial Services, Telecommunications, Cable, Utilities,
Education, Hospitality and Government. See What Matters(TM) by
About Partners for Growth
Established in 2004, PfG provides custom debt solutions to private
and public emerging growth technology and life science companies.
PfG's custom approach results in a variety of structures and te
including working capital lines of credit, term loans and convertible
debt. PfG looks to share in the success of its clients by taking
equity participation rights in the form of stock warrants or
convertibility of its debt. More information about PfG can be
obtained at: http://www.pfgrowth.com/index.html.
Vice President and Chief Financial Officer
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