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Virtacore Systems, Inc. Completes Financing With Silicon Valley BankLeading Cloud Services Provider to Use Financing to Support Global Expansion and World-Wide Customer Base (December 06, 2011)
STERLING, VA and SANTA CLARA, CA -- (Marketwire) -- 12/06/11 -- Virtacore Systems, Inc., an industry leader in hybrid cloud services, today announced it has secured a multi-million dollar financing arrangement from Silicon Valley Bank, the commercial banking division of SVB Financial Group (NASDAQ: SIVB), and financial partner to technology companies worldwide. The newly secured funds will be used for working capital and equipment purchases to support Virtacore's rapid growth in the dynamic cloud infrastructure-as-a-service marketplace.
Commenting on the transaction, Robert Kalchthaler, CFO of Virtacore, said: "We are pleased to develop a strategic relationship with Silicon Valley Bank. Our loan facility provides for significant growth capital going forward. Silicon Valley Bank is the leader in financing technology companies and we appreciate their deep understanding of our business and its myriad of growth opportunities domestically and internationally."
"Virtacore's service offerings and talented and experienced management team are building the company for long-term success," commented Heather Parker, Senior Relationship Manager for Silicon Valley Bank in Northern Virginia. "We are dedicated to providing emerging and established growth companies like Virtacore with financial flexibility to achieve their business objectives."
About Virtacore Systems
Virtacore Systems is a leading provider of hybrid cloud services, offering public and private cloud solutions to the middle market through the company's VMware-based unified platform. Virtacore is the only company to offer seamless migration of data to/from public, managed private and internal private clouds, using VMware technology. Virtacore also provides Google Apps services and support for businesses and organizations. Headquartered in Ashburn, VA, the company, a wholly owned subsidiary of IKANO Communications, Inc., has offices in Los Angeles, Salt Lake City, and Seattle. For more information visit http://www.virtacore.com or twitter.com/virtacore.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (NASDAQ: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
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