Greenville, SC–October 6, 2014 –Green Cloud Technologies, a channel only Cloud technology solutions provider, has announced the closing of $3.1 million of additional equity from its existing investors and the increase and extension of its senior credit facility with Square 1 Bank, to $3 million. The new capital will fund the company’s expansion of its national channel program through new channel partner recruitment and cloud-related acquisitions.
With 187 channel partners today, the company projects acceleration of its current run rate of eight-to-ten new active partners per month. Though the company has relied on organic growth to fuel the business so far, Green Cloud is looking for acquisitions to augment its growth.
According to Shay Houser, CEO of Green Cloud, “The IaaS market, particularly for the SME space, is in the first inning of the game and has years to develop into the more than $50 billion market it will eventually become. Consolidation is an absolute reality and Green Cloud plans to participate aggressively during our quest to $1 billion in value creation.”
“We are pleased to extend our relationship with Green Cloud. Our goal is to help support the company’s continued growth and expansion of its national channel program,” said Peter Meath, founder and managing director in Square 1 Bank’s technology practice. “We are excited about the company’s progress and look forward to continuing our partnership for years to come.”
Green Cloud has experienced rapid growth since its inception with 28 consecutive months of revenue growth and gross margin acceleration over 50%. With recent product announcements including Private Cloud, Hybrid Cloud, SAN-SAN, enhanced Tintri-based SSD configurations, and single pane of glass for MSP management, Green Cloud is dedicated to providing industry-leading technologies to its channel partners.