Leading infrastructure as a service (IaaS) provider expands financing relationship with Silicon Valley Bank to support cloud services operations and global growth
STERLING, Va.–(BUSINESS WIRE)–Virtacore Systems, a leading cloud services provider specializing in virtual infrastructure, today announced it has secured additional multi-million dollar financing from industry leader Silicon Valley Bank, the commercial banking operation of SVB Financial Group (NASDAQ: SIVB) 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.
“We are pleased to work with Virtacore as they mature to their next phase of growth”
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.”
About Virtacore Systems
Virtacore is a leading cloud services provider specializing in virtual infrastructure as a service (IaaS) solutions utilizing VMware and built on enterprise cloud platform technologies. With many years of experience in cloud and Internet services, Virtacore has a long and solid history of providing IaaS and disaster recovery (DR) solutions to meet the critical needs of clients. Virtacore enables the following private cloud products for their customers:
-Virtacloud Reserve is for clients who require dedicated discrete hardware on our secure private cloud environment.
-Virtacloud Power is our secure, multi-tenant VMware-based cloud solution that gives you the ability to determine your own needs and resources in a flexible, dynamic way.
In addition, Virtacore specializes in DR and Backup services. These include:
-CoreBACKUP powered by Veeam
-CoreDR powered by Zerto
-CoreRECOVERY powered by VMware
-CoreREPLICATION powered by Nimble
Based in Sterling, Virginia, Virtacore maintains a broad U.S. footprint and serves domestic and multinational clients. Virtacore is backed by Insight Venture partners, a global private equity and venture capital firm.
Join Virtacore on April 14th in Washington, D.C. for CIODC. We are hosting a Disaster Recovery focused exclusive CIO Event with special guests from Nimble Storage and Zerto to share market trends and DRaaS solutions to give you the stepping stone to cloud computing.
To learn more, visit www.virtacore.com or follow us on Twitter @virtacore.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014).
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (NASDAQ: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
(NASDAQ: SIVB) www.svb.com.
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