Greenville, SC – August 22, 2013 – Green Cloud Technologies (Green Cloud), a cloud technology solutions provider headquartered in Greenville, S.C., has secured a $2 million senior line of credit from Square 1 Bank, headquartered in Durham, N.C. The line of credit will be used for working capital requirements as the company continues its expansion.
“Square 1 is a fantastic lending partner for Green Cloud,” said Shay Houser, chief executive officer of Green Cloud. “We look forward to a long relationship as we grow over the coming months and years.” The company plans to continue expanding its sales and marketing presence while also making further investments in its data center facilities and operations.
“We’re pleased to provide Green Cloud with financing solutions that support the company’s growth goals,” said Peter Meath, founder and senior vice president in Square 1 Bank’s technology practice. “At Square 1, we’re dedicated to finding ways to help innovative companies like Green Cloud grow by offering financial flexibility to meet their needs, and industry expertise unique to their space. Green Cloud’s experienced management team and service offerings position the company for long-term success in the Infrastructure-as-a-Service sector. We look forward to our partnership with the Green Cloud team as it continues to grow and meet its goals.”
Green Cloud, which closed on $5.6 million in Series C Preferred in March, recently expanded its sales and marketing efforts by adding senior channel managers across the Southeast and accelerating the company’s recruitment of channel partners in those regions. Channel partner sales activity accelerated quickly with sales more than doubling quarter-over-quarter. Leading the way are sales of the company’s Disaster Recovery and Virtual Server solutions, which continue to resonate with the channel partner community.