|By Marketwired .||
|May 20, 2014 05:30 AM EDT||
CHICAGO, IL -- (Marketwired) -- 05/20/14 -- SingleHop, the leading IaaS and cloud-enabled, managed hosting company for SMBs, announced today that it has secured $14.8 million in venture debt financing from Silicon Valley Bank with participation by Farnam Street Financial, Inc. This is in addition to the company's 2012 Series A of $27.5 million, a round lead by Battery Ventures. With this new funding, SingleHop will have raised more than $42 million in total equity and debt capital, providing the company with the financial flexibility to continue its rapid growth, further build out its technology products and services, and make strategic investments.
"SingleHop continues to deliver on its goal to provide the most flexible, reliable platform for cloud computing. We are ideally suited for SMBs because we have the scope and breadth of services to design the optimal infrastructure for each client, and we support our customers with a commitment to service beyond support and the best SLAs in the market," said Zak Boca, CEO of SingleHop. "This financing ensures we are well capitalized to grow our team and our services and well positioned to make strategic investments as we continue to cement our leadership position in the SMB space."
In the last year, SingleHop has solidified its position as one of the fastest growing IaaS and managed hosting providers. SingleHop caters to the needs of the SMB market by providing a wide breadth of hosting options and through easy deployments -- fully managed or self-service, customizable dashboards, and its award-winning client portal -- LEAP -- allowing complete access to their systems from any device. Other key highlights and accomplishments include:
- More than 14,000 physical servers in production serving more than 4,000 customers in over 124 countries
- 4 data centers in North America and Europe
- 500+ resellers and channel partners
- Inc. 500/5000 list 4 years running
- $42 million in overall outside funding from Battery Ventures, Silicon Valley Bank and Farnam Street Financial, Inc.
- Net Promoter Score (NPS) of 67
"We are committed to providing the right financing at the right stage to help our clients accelerate success," said Dennis Grunt, Director of Silicon Valley Bank in Chicago. "While so many companies are finding it increasingly difficult to reap the benefits of cloud infrastructure without large IT departments to implement and maintain them, SingleHop has the technology and the commitment to customer success that makes a big difference for companies of any size."
"Fast growing companies like SingleHop need flexible, creative solutions that mirror their business model," said Patrick Judge, Regional Director. "We feel that Farnam's approach will support SingleHop's positioning and help them accelerate their revenue growth."
SingleHop is the platform of choice for cloud IaaS and managed hosting for SMBs, enterprises, and service providers worldwide. Only SingleHop partners with customers to design and support the optimal cloud infrastructure with an industry leading Service Level Agreement, a robust remote management toolkit, and proprietary automation platform LEAP. Based in Chicago, Illinois, SingleHop serves more than 4,000 customers in more than 124 countries with data centers across the U.S. and Europe. For more information, please visit www.singlehop.com.
About Silicon Valley Bank
Banking the world's most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world class service to increase our clients' probability of success. With more than $29 billion in assets and more than 1,700 employees, we provide commercial, international, and private banking through our locations around the world. Forbes Magazine ranks us among America's Best Banks and Fortune named SVB one of the best places to work. (NASDAQ: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Farnam Street Capital
Farnam Street Financial, Inc. (http://www.farnamstreet.net) is an independent, privately-held leasing company focused on building long-term relationships with entrepreneurs and executives across the entire size and growth spectrum from growing, earlier stage businesses to established, global enterprises with diverse equipment needs. Following the global reach of our portfolio of US based customers, we have leased equipment that is installed across the globe.
415 963 4174 x 37
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Dec. 8, 2016 04:30 AM EST Reads: 722
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 04:15 AM EST Reads: 927
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Dec. 8, 2016 04:00 AM EST Reads: 3,790
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Dec. 8, 2016 04:00 AM EST Reads: 4,811
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 04:00 AM EST Reads: 1,029
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 8, 2016 02:45 AM EST Reads: 1,295
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 02:30 AM EST Reads: 1,115
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Dec. 8, 2016 01:45 AM EST Reads: 1,407
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 8, 2016 01:30 AM EST Reads: 1,922
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 8, 2016 01:00 AM EST Reads: 3,956
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 8, 2016 12:30 AM EST Reads: 1,123
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 8, 2016 12:15 AM EST Reads: 1,347
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 7, 2016 10:30 PM EST Reads: 874
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 10:00 PM EST Reads: 1,196
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Dec. 7, 2016 09:15 PM EST Reads: 389