Green Cloud Technologies, a channel only cloud technology solutions firm providing custom Cisco-powered infrastructure, backup and recovery solutions, virtual desktops and support, has announced the closing of $7.5 million of new financing.
Green Cloud Technologies provides custom cloud solutions to an exclusive network of reseller partners. By relying on channel-only distribution, Green Cloud Technologies can focus on partner enablement without competing for end-user business. The company’s expansive suite of Cisco Powered, cloud-based products, services, and support are scalable to applications of any size – from SMBs to enterprise-grade organizations.
The financing package consists of a $5 million senior line of credit with Bridge Bank and $2.5 million of additional equity and sub debt provided primarily by its existing investor base. The new capital will fund the company’s expansion of its national channel partner program and acquisition capital as Green Cloud Technologies searches for tuck-in cloud or data center asset acquisitions.
“Coming off a 3-year growth rate through 2015 of 4,000% and anticipating 65% growth during 2016, the additional capital helps fund our organic growth and acquisition plans,” said Shay Houser, CEO of Green Cloud.
Bridge Bank is a division of Western Alliance Bank. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. With more than $16 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding companies in the U.S. and recognized as #10 on the Forbes 2016 “Best Banks in America” list.
“We are pleased to announce our relationship with Green Cloud and our support of their continued growth,” said Blake Reid, vice president and market manager, Bridge Bank. “We are excited about the momentum that the company’s market strategy has demonstrated and we look forward to supporting Green Cloud’s future growth plans.”