New $260M deal for IO likely will lead to more expansion, products
With the announcement today of IO’s new $260 million multi-year credit line, history shows potential expansions or new products may be in the offering.
The new financing comes on top of at least $451 million in venture capital, investments and previous financing announced since 2008. That doesn't include Tuesday's announced financing.
The funding is planned for a “couple of key areas,” said Troy Rutman[6], IO’s director of corporate communications.
“As an organization that serves the Global 2000 and their data center infrastructure needs, it’s important for us to do business in markets that our customers prioritize,” Rutman said in a statement. “For example, opening a data center in Singapore will enable us to meet the needs of anchor customer, Goldman Sachs, in (the Asia-Pacific region) and globally. You will see similar approaches in Europe in the near future. In addition, relentless innovation of our software is now and always will be a top priority.”
The Phoenix-based data center provider’s new financial backing was led by Wells Fargo. IO’s existing bank group of Wells Fargo and Mutual Bank of Omaha expanded to include Bank of America[7], Bank of Montreal[8], JPMorgan Chase Bank[9], Royal Bank of Canada[10], National Bank of Arizona[11], Goldman Sachs Lending Partners and Morgan Stanley Bank.
IO’s CEO George Slessman[12] said the new financing will help the company expand once again, but officials are remaining quiet on what may be coming down the pike.
The company has done major expansions with hundreds of millions in venture and loan funds, dating back to 2008 when it received $56 million from Sterling Capital Partners to open its Phoenix data center.
Hayley Ringle covers technology and startups for the Phoenix Business Journal.
References
- ^ Hayley Ringle (feeds.bizjournals.com)
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- ^ Twitter (twitter.com)
- ^ LinkedIn (www.linkedin.com)
- ^ Google+ (plus.google.com)
- ^ Troy Rutman (feeds.bizjournals.com)
- ^ Bank of America (www.bizjournals.com)
- ^ Bank of Montreal (www.bizjournals.com)
- ^ Chase Bank (www.bizjournals.com)
- ^ Royal Bank of Canada (www.bizjournals.com)
- ^ National Bank of Arizona (www.bizjournals.com)
- ^ George Slessman (feeds.bizjournals.com)