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ViaWest Secures $31 Million in Debt Financing.
2006-06-22, HostMan.biz ViaWest, a provider of dependable colocation and managed hosting solutions, today announced it has secured $31 million in debt financing from a leading New York financial institution. "ViaWest consistently shows record financial growth and is on target to continue strong top line and earnings growth, and close a solid second quarter," said Mike Kzra, senior vice president of finance, ViaWest. "Securing this level of financing is a show of market confidence not only in our management team but in our ability to execute against our strategic growth plan." Of the $31 million secured, ViaWest will use $13 million to repay existing debt and fund the immediate acquisition of Fortix, a Portland, Oregon-based managed service provider. The acquisition of Fortix allows ViaWest to enter a third major market with a Tier 1 data center and significantly increase its leadership position. The remaining $18 million is earmarked for additional expansion and acquisition opportunities that strategically align with ViaWest's business in its three existing geographic markets or helping the company expand into yet a fourth market. "ViaWest has successfully completed 16 acquisitions since 1999," said Roy Dimoff, chairman and CEO, ViaWest. "We are confident in our expansion plans including identifying additional, strategic acquisition targets similar to Fortix that will allow us to enter additional major markets and expand our footprint across the U.S." |
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