Virtacore Systems has announced it has secured additional multi-million dollar financing from industry leader Silicon Valley Bank, the commercial banking operation of SVB Financial Group and financial partner to innovative companies and their investors worldwide. The newly secured funds will be used for working capital to support Virtacore’s cloud services operations and global growth of the company’s infrastructure as a service offerings.
Commenting on the transaction, Virtacore CFO Robert Kalchthaler said, “We are excited to announce our continued partnership with Silicon Valley Bank. Virtacore’s loan facility provides for significant growth capital going forward. Working with Silicon Valley Bank, a leader in financing technology companies, we will continue Virtacore’s services expansion both domestically and internationally.”
"Many organizations are now choosing Virtacore for their cloud services,” added Virtacore CEO George Naspo. “Part of our strategic advantage is the hands-on approach of consulting customers through the setup and migration process. Our enterprise cloud enables production workloads, disaster recovery, and backup solutions and our relationship with Silicon Valley Bank will allow us to expand these services for existing and new clients and channel partners.”
“We are pleased to work with Virtacore as they mature to their next phase of growth,” said Megan Scheffel, Senior Market Manager at Silicon Valley Bank in DC. “Our main objective is to increase our clients’ probability of success with the right financing, connections and global services.”
This article was originally posted “Virtacore Expands Cloud Business With Silicon Valley Bank Financing” from Cloud Strategy Magazine.