|By Business Wire||
|May 12, 2014 11:03 AM EDT||
Evolve IP™, The Cloud Services Company™, today announced that it has secured a $27.5 million senior-secured loan facility with CapitalSource, one of the leading commercial lenders for mid-sized businesses, as the administrative agent and lead arranger. DH Capital, LLC served as exclusive financial advisor to Evolve IP in connection with the transaction and Cozen O’Connor served as Evolve IP’s counsel.
The proceeds of the loan will be used to refinance senior term debt and preferred equity and to provide capacity to fund future acquisitions and working capital for general corporate purposes. The $27.5 million loan facility provided by CapitalSource includes a $20.0 million term loan and a $7.5 million revolver.
One of the nation’s fastest growing cloud service companies, Evolve IP provides organizations with a unified option for cloud services with its Evolve IP OneCloud™ solution. Today, more than 50,000 users in the US and globally depend daily on Evolve IP for virtual data centers /servers, virtual desktops, unified communications, disaster recovery, contact centers, and more.
“Evolve IP’s cloud services help customers avoid significant IT capital expenditures while providing them with greater scalability, stability and security,” commented Ryan Golding, Managing Director, Leveraged Finance at CapitalSource. “The firm’s systems are fully integrated and enable customers to shift their focus from purchasing and maintaining their IT infrastructure to running and growing their businesses.”
“Evolve IP is led by a team of highly experienced technology executives that have worked together for over 20 years,” continued Golding. “With its solid value-added technology product offering and strong management team, the company is well positioned for future growth. We are pleased to provide this loan facility and play a role in their continued success.”
“We selected CapitalSource as our finance partner due to their depth of knowledge in the industry and reputation for reliability and dependability,” said Thomas J. Gravina, Chairman, Chief Executive Officer, and Co-Founder. “We truly appreciate the support from the CapitalSource team and the ease of execution they offered throughout the process.”
ABOUT EVOLVE IP
Evolve IP is The Cloud Services Company. Designed from the beginning to provide organizations with a unified option for cloud services, Evolve IP enables decision-makers to migrate all or select IT technologies to its award-winning cloud platform. Evolve IP's combination of security, stability, scalability, and lower total cost of ownership is fundamentally superior to outdated legacy systems and other cloud offerings. Today, more than 50,000 users across the globe depend daily on Evolve IP for cloud services like virtual servers, virtual desktops, disaster recovery, unified communications, contact centers, and more. Visit www.EvolveIP.net or http://blog.EvolveIP.net.
CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $15 billion in assets and 81 full-service branches located throughout the state of California. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com.
ABOUT DH CAPITAL
DH Capital is a private investment banking partnership serving companies in the Internet infrastructure, communications, and SaaS sectors. Headquartered in New York City with offices in Boulder, Colorado, the firm's principals have extensive experience and proven abilities in capital formation, finance, research, business development and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including mergers and acquisitions, private capital placements, financial restructuring, and operational consulting. DH Capital has completed more than 106 M&A transactions and private capital placements totaling more than $8.5 billion in value. For more information on DH Capital, visit their website at www.dhcapital.com.