Green Cloud Adds Another $4 Million to Fund Expansion
October 6, 2014
GREENVILLE, SC – Green Cloud Technologies, a channel only Cloud technology solutions provider, has announced the closing of $3.1 million of additional equity from its existing investors and the increase and extension of its senior credit facility with Square 1 Bank, to $3 million. The new capital will fund the company’s expansion of its national channel program through new channel partner recruitment and cloud-related acquisitions
With 187 channel partners today, the company projects acceleration of its current run rate of eight-to-ten new active partners per month. Though the company has relied on organic growth to fuel the business so far, Green Cloud is looking for acquisitions to augment its growth.
According to Shay Houser, CEO of Green Cloud, “The IaaS market, particularly for the SME space, is in the first inning of the game and has years to develop into the more than $50 billion market it will eventually become. Consolidation is an absolute reality and Green Cloud plans to participate aggressively during our quest to $1 billion in value creation.”
“We are pleased to extend our relationship with Green Cloud. Our goal is to help support the company’s continued growth and expansion of its national channel program,” said Peter Meath, founder and managing director in Square 1 Bank’s technology practice. “We are excited about the company’s progress and look forward to continuing our partnership for years to come.”
Green Cloud has experienced rapid growth since its inception with 28 consecutive months of revenue growth and gross margin acceleration over 50%. With recent product announcements including Private Cloud, Hybrid Cloud, SAN-SAN, enhanced Tintri-based SSD configurations, and single pain of glass for MSP management, Green Cloud is dedicated to providing industry-leading technologies to its channel partners.
ABOUT GREEN CLOUD TECHNOLOGIES
Headquartered in Greenville, S.C., Green Cloud Technologies is a Cloud solutions provider dedicated to providing channel partners and dealers with turnkey Infrastructure as a Service (IaaS) solutions. With channel-only distribution, Green Cloud enables value-added resellers, managed service providers, and technology providers to market an expanding portfolio of virtual server, server restoration and recovery solutions. Led by a team of industry veterans that helped found NuVox Communications, Green Cloud operates world-class data center facilities with industry-leading technology platforms, including VMware (NYSE: VMW) and Cisco (NASDAQ: CSCO). More information may be found at www.gogreencloud.com.
ABOUT SQUARE 1 BANK
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, and Washington, DC. For more information, visit www.square1bank.com.
