Press Release - March 24, 2011
Velocity executes $80M credit facility with Fifth Third Bank Cloud-based Enterprise Hosting Provider Secures Strategic Growth Capital
NEW YORK, March 24, 2011 (PRNewswire) – Velocity Technology Solutions, Inc., the leader in secure, private-cloud application services for enterprise software, announced today that it has signed a credit agreement with Fifth Third Bank for up to $80M. The credit facility will be used to fund Velocity’s business expansion initiatives and strategic acquisition plans.
Brian Crabb, Managing Director of Fifth Third Sponsor Leveraged Finance noted that “The Velocity team has done a phenomenal job of growing their business over the past several years. We’re thrilled to have the opportunity to provide a financing structure that facilitates both the continued organic and strategic expansion of the company”.
“As we look to the future, we are pleased to be working with Fifth Third Bank, a premier financial services company that has a successful reputation of supporting growth companies to achieve their strategic business potential,” said Tom Bruno, Velocity CEO and President. “This partnership, combined with our equity partners Spire Capital and Tudor Ventures, will help us to further align our vision and goals in the marketplace”
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers. For more information about Fifth Third Bank, visit www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Member FDIC.
Velocity Technology Solutions, Inc. is the leading application service provider that delivers enterprise software functionality through a secure private cloud platform. Velocity’s customers benefit from hosted, fully managed environments for their ERP and related software applications; guaranteed availability, security and compliance; and certified consulting resources. Velocity’s proprietary delivery system for software hosting, Velocity On-Demand™, brings scalable computing and fully managed services for mission critical IT systems and sensitive data. Velocity is headquartered in New York City, with offices in Minneapolis, Tampa and London, Ontario. For more information visit www.velocity.cc.
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