Square 1 Bank Announces $2 Million Credit Facility to Green Cloud TechnologiesAugust 29, 2013
Greenville, SC – August 22, 2013 – Green Cloud Technologies (Green Cloud), a cloud technology solutions provider headquartered in Greenville, S.C., has secured a $2 million senior line of credit from Square 1 Bank, headquartered in Durham, N.C. The line of credit will be used for working capital requirements as the company continues its expansion.
“Square 1 is a fantastic lending partner for Green Cloud,” said Shay Houser, chief executive officer of Green Cloud. “We look forward to a long relationship as we grow over the coming months and years.” The company plans to continue expanding its sales and marketing presence while also making further investments in its data center facilities and operations.
“We’re pleased to provide Green Cloud with financing solutions that support the company’s growth goals,” said Peter Meath, founder and senior vice president in Square 1 Bank’s technology practice. “At Square 1, we’re dedicated to finding ways to help innovative companies like Green Cloud grow by offering financial flexibility to meet their needs, and industry expertise unique to their space. Green Cloud’s experienced management team and service offerings position the company for long-term success in the Infrastructure-as-a-Service sector. We look forward to our partnership with the Green Cloud team as it continues to grow and meet its goals.”
Green Cloud, which closed on $5.6 million in Series C Preferred in March, recently expanded its sales and marketing efforts by adding senior channel managers across the Southeast and accelerating the company’s recruitment of channel partners in those regions. Channel partner sales activity accelerated quickly with sales more than doubling quarter-over-quarter. Leading the way are sales of the company’s Disaster Recovery and Virtual Server solutions, which continue to resonate with the channel partner community.
ABOUT GREEN CLOUD TECHNOLOGIES, INC.
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 telephony 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, NetApp and Cisco. More information may be found at www.gogreencloud.com/epresskit.
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. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.