RagingWire Enterprise Solutions, Inc. (RES), a Sacramento-based premier data center and IT services provider, announced today it has secured a total of $30 million in credit facilities from one of the largest U.S. banks. These multi-year facilities provide RES with growth capital to meet the high demand for its mission critical services.
“This significant financing comes at a very attractive interest rate which further demonstrates this institution’s confidence in our operating model, predictable cash flow and strong balance sheet,” said George Macricostas, CEO and Vice Chairman of RagingWire. “This financing supports our active expansion strategy, avoids dilution, and results in a greater return on shareholder equity.”
“RES has experienced a CAGR of over 50% in sales each year for the last 5 years. We fully expect to see this trend continue given the demand for our products and services. We believe that our business will continue to generate the cash flow that will enable us to attract the favorable financing required to accelerate our growth,” said Mr. Macricostas. “In addition to our recently announced state-of-the-art Enterprise Data Center expansion plans, we will introduce new products and services and expand our business in new regions in the U.S.”
“We continue to deploy capital to meet the overwhelming demand for RES’ data center infrastructure and IT solutions,” said Yatish Mishra, President and CTO of RagingWire. “We are excited to provide mission-critical, next-generation data center technology solutions to support the rapid growth of our enterprise clients.”
Founded in 2000, RES achieved sustained profitability in September 2004. RES continues to grow and set itself apart as a highly reliable IT services provider. They have been recognized as an Inc. 500 company, Ernst and Young Entrepreneur of the Year finalist, and one of the Sacramento region’s fastest growing companies for 3 years in a row. RES has also received acclaim for its environmental initiatives and good corporate citizenship.
RagingWire Enterprise Solutions (RES) provides highly custom and flexible IT solutions that accommodate the business needs of large, data-intensive enterprise companies. RES operates a reliable and secure Enterprise Data Center facility engineered to provide "five nines" (99.999%) availability and highly scalable power and cooling in conjunction with managed IT solutions that maintain Fortune 1000 and Fortune 500 companies' mission-critical back-office IT systems. RES enables its clients to reduce their operating costs, speed time to market, and focus on their core competencies. For more information about RES, access www.ragingwire.com.