SACRAMENTO, CA – RagingWire Enterprise Solutions, Inc. (RES), a provider of premier colocation and managed hosting services, announced today it has secured an additional $20 million in credit facilities from one of the largest U.S. banks. These conventional loans combined with the $30 million secured in 2007, provide RES with the capital to accelerate its continued expansion. Reflecting RagingWire’s strength, these facilities were issued at an average rate below 5%.
"This bank financing demonstrates confidence in our operating model, predictable cash flow, and strong balance sheet," said George Macricostas, CEO and Vice Chairman of RagingWire. "Eight years after start-up, we are in a very strong position in a growing industry, actively pursuing our expansion strategy."
RES has experienced a compound annual growth rate of over 50% for the last 6 years, and has been profitable for 16 consecutive quarters.
"We are very well positioned in the market place as demand for data center infrastructure and IT solutions continues to expand," said Yatish Mishra, President and CTO of RagingWire. "We will introduce new products and services and move into new markets in the U.S., providing next generation technology solutions and managed hosting services to support the rapid growth of our clients."
Founded in 2000, RES achieved sustained profitability in September 2004. RagingWire continues to grow and set itself apart as a highly reliable IT services provider. It has been recognized as one of the Inc. 500 fastest growing private companies in America, as well as one of the Sacramento region’s fastest growing companies for 3 years in a row. Further, Mr. Macricostas and Mr. Mishra were finalists for the prestigious Ernst and Young Entrepreneur of the Year award. RES has also received acclaim for its environmental initiatives and corporate citizenship.