iDirect Technologies Secures $5 Million Line of Credit From Silicon Valley Bank

iDirect Technologies Secures $5 Million Line of Credit From Silicon Valley Bank


HERNDON, Va. -- October 6, 2004 -- John Kealey, CEO of iDirect Technologies, a privately held company that designs, develops, and markets the fastest, most reliable bi-directional satellite-based broadband access solutions using Internet protocols, announced today that the company has secured a $5 million line of credit from Silicon Valley Bank.

"As iDirect continues its global expansion and further develops its award-winning product portfolio, we need to access a number of different capital market segments," said Kealey.

"The completion of this round of funding marks an important first step in our capital expansion plan. It also reflects Silicon Valley Bank's confidence in iDirect's management team and their recognition of the company's exceptional results for the past two years."

iDirect experienced a three-fold revenue gain in 2003 and is on track to double that number in 2004. In three years the company has grown from 42 employees to 91 and expects to be near 100 by the end of the year. The company also achieved the ranking of #81 on the Inc. 500 list of America's Fastest-Growing Private Companies for 2003, and, in that same year, made Deloitte & Touche's Technology Fast 500 list of the nation's fastest-growing technology companies.

"We are impressed by iDirect's performance in the last two years and feel the company is well positioned within the market," said Andy Rico, senior vice president in Silicon Valley Bank's Northern Virginia office. "This line of credit will enable them to move to the next level of success by expanding ongoing development and acquisition opportunities."

Over the past year iDirect has expanded their European offices, opened new regional offices in Asia and Latin America and just recently opened new corporate offices in Herndon, Virginia. This expansion is a direct response to significant global sales growth and contract wins.

About iDirect Technologies

iDirect Technologies, a subsidiary of Vision Technologies Systems Inc., designs, develops, and markets satellite-based broadband access solutions targeted at the enterprise, government, carrier and educational sectors that have the need for fast, flexible, and geographically dispersed two-way internet/intranet access. The company has developed technology solutions that combine high performance, worldwide availability, and ease of installation, high reliability, and low cost to end customers. In addition, iDirect solutions offer unprecedented efficiencies, increased revenue opportunities and higher per customer gross margins to satellite network operators. iDirect was awarded the 2005 World Teleport Association Teleport Technology of the year, the Innovation & Technology of the Year by The ISCe Advisory Board, and named number one in the Deloitte & Touche Virginia Technology Fast 50 list of the fastest-growing U.S. technology companies. iDirect operates its corporate headquarters in Herndon, Virginia and has regional offices in Europe, Asia, and covering Latin America. Additional information is available on the company website at


Warren Brown
+1 703 648 8155