Apparently, credit markets continue to open up and lenders are interested in well-run managed service providers. The latest evidence: Peak 10, which specializes in managed services, has expanded its credit facility to $95 million. Here's how Peak 10 plans to use the money.
According to a company press release:
"Peak 10 will invest additional resources and capital into its managed services platform, particularly its next-generation private cloud infrastructure. The company has been delivering cloud-based solutions to customers for several years and will be performing a technology refresh to stay ahead of the market. Peak 10 customers who utilize its private cloud solutions will enjoy increased scalability and performance with access to external cloud resources, all while maintaining a high level of security and integrity.That last paragraph includes plenty of buzzwords -- cloud, cloud, cloud, cloud, coupled with scalability, security and integrity.
But this is more than a hype story. Peak 10 is SAS 70 Type II compliant and assists companies with regulatory compliance acts such as Sarbanes-Oxley, HIPAA, PCI and Gramm-Leach-Bliley. The company owns and operates data centers in 10 key markets that include Cincinnati, Ohio; Atlanta, Ga.; Raleigh and Charlotte, N.C.; Tampa, Jacksonville and Fort Lauderdale, Fla.; Nashville, Tenn.; Louisville, Ky.; and Richmond, Va.
Apparently, lenders believe in Peak 10's vision and business management. According to the press release, RBC Capital Markets, GE Capital Corporation and Royal Bank of Canada are involved in Peak 10's credit expansion.
Got Access to Cash?Even if you don't need money or funding right now, take some advice from my dad. He always told me to secure a line of credit before you need it. The reason? You won't be able to get a line of credit when you truly do need it.
Clearly, Peak 10 plans to plow big money back into its business. Even if you're more conservative with your growth plans go get that line of credit.