Wells Fargo Technology Banking Spurs Growth of Blue Microphones With $2.5 Million Line of CreditSAN FRANCISCO--(BUSINESS WIRE)--As part of its focus on the technology industry, Wells Fargo & Company (NYSE:WFC) said today it has extended a $2.5 million line of credit to Blue Microphones, a leading innovator in microphone technology.
"We're providing billions to technology companies from their early stages to the Fortune 500 level, because it's the right thing to do for our environment, our economy, and our communities"
"The support and creativity of Wells Fargo has infused new working capital into Blue," said Russ Roenick, managing director of Transom Capital Group, the majority owner of Blue Microphones. "Partnering with Wells Fargo also has introduced Blue to several new treasury management solutions that will drive efficiencies and keep us focused on our mission: building the best audio products for professionals and consumers."
Founded in 1995, Blue Microphones is based in Westlake Village, Calif., west of Los Angeles. Historically, the company's line of professional products primarily addressed high-end, studio quality microphones. In 2008 and 2009, the company made major inroads into the consumer electronics market with product introductions in desktop USB microphones (such as Snowball, the world's No. 1 selling wired condenser microphone), iPod peripherals, and multifunction Web cameras that substantially expanded Blue's market.
"Once again, Wells Fargo is partnering with growing technology companies whose values closely match our own," said Tim Sandel, Southern California regional vice president of Wells Fargo's Technology and Venture Banking Group. "Blue believes that everyone, everywhere should have access to great audio, while Wells Fargo believes that innovators like Blue everywhere should have access to credit so they can grow great companies."
Through third quarter in 2010, Wells Fargo's Technology and Venture Banking Group has extended $1.89 billion in commitments - a 16 percent increase from $1.63 billion during the same period a year ago. Wells Fargo Commercial Banking continues to expand its business with technology companies and is looking for more opportunities, according to Sandel. The number of Southern California companies banking with the Technology and Venture Banking Group has grown 30 percent per year over the past three years.
"We're providing billions to technology companies from their early stages to the Fortune 500 level, because it's the right thing to do for our environment, our economy, and our communities," said John Adams, executive vice president and head of Wells Fargo's Technology and Venture Banking Group.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Posted: November 9, 2010
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