Click here to close now.




















Welcome!

News Feed Item

Rackwise, Inc. Secures Funding

Rackwise, Inc. (OTC: RACK) (the “Company”), a leading developer of data center infrastructure management (DCIM) software and service solutions, today announced it has closed a $3 million funding from the sale of a 12%, three-year convertible note in the approximate face or principal amount of $3.3 million (the “Funding”) to an entity owned by Black Diamond Financial Group LLC (“Black Diamond” or the “Purchaser”), an initial investor in the Company.

The Funding represents the initial closing of an offering made by the Company to the Purchaser (or affiliated persons) of up to approximately $9.3 million in face or principal amount of notes at an aggregate purchase price of approximately $8.5 million (the “Note Offering”). For a more complete description of terms and conditions of the Funding and the Note Offering, refer to Form 8-K filed with the United States Securities and Exchange Commission effective May 13, 2014.

Patrick Imeson, Managing Director of Black Diamond Financial Group LLC, stated, “Integral to the recapitalization and restructuring of operations of Rackwise, Inc. we remain committed to participating in the funding process which has provided in excess of $15 million to the Company to date. This process, among other things, enables the Company to execute on a plan to transition its sales and delivery approach, aligning with recognized channel partners as its sales and professional services go-to-market strategy. As an investor in Rackwise, Inc. since its inception, we maintain our faith and belief in the Company’s leading DCIM products, services, and direction. Rackwise’s market leading technology, its newly adopted operating plan, its ongoing funding of its revised financial plan and its recently announced strategically expanded exclusive alliance with Unisys Corporation for the federal marketplace provides a high level of confidence in our past, current, and ongoing investment in the Company.”

Guy A. Archbold, Rackwise Chief Executive Officer, added, “We are extremely appreciative for the continued trust, confidence and support of our majority shareholder, Black Diamond Financial Group LLC and its affiliates. The entirety of the funding available to the Company under this most recent Note Offering fully meets our needs well into the future for repayment of certain debts, ongoing operating costs and trade payables, as well as providing working capital for product expansion to address the rapidly evolving demands in the increasingly dynamic data center infrastructure management marketplace. That said, it should also be noted that the Company is not obligated to take the entire amount of the available funding, should market conditions allow. This initial closing, along with the additional funding available under the Note Offering, enables Rackwise, Inc. to both build upon our recent capitalization restructure, which included significant long term debt reduction, and accelerate continued product innovation and leadership within the DCIM industry.”

About Rackwise, Inc.

Rackwise, Inc. (OTC: RACK) is a leader in software development and marketing within the growing data center infrastructure management (“DCIM”) market for IT infrastructure tracking, monitoring, modeling, and management. The Company’s flagship product, Rackwise DCiM X, incorporates open architecture designs into a vendor agnostic platform affording IT professionals maximum flexibility for efficient integration in any computing environment. The Rackwise DCiM X offering provides features and functionalities to assure reliability, identify hidden capacity, and improve efficiencies resulting in accelerated returns on investments through significantly optimized data center facilities and IT infrastructures. Rackwise DCiM X integrates device level, real-time monitoring with advanced modeling, reporting, analytics and other critical capabilities, enabling clients to more effectively manage today’s high density computing configurations and virtualized data centers, mitigate risks associated with cascading faults and other potential inefficiencies within the infrastructure, and facilitate progress to more sustainable “green” data centers. Rackwise® products and services are used by over 150 companies worldwide. For more information, visit www.rackwise.com.

Rackwise®, DCiM XTM and DCiM X OnDemandTM are trademarks of Rackwise, Inc. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

About Black Diamond Financial Group LLC.

Black Diamond is a Colorado based private equity management group with an estimated $300M+ of assets under management as the Manager of Black Diamond Holdings LLC, a diversified holding company. In addition to its investment in Rackwise Inc., Black Diamond is owns majority stakes in mining, coal technology, life sciences companies.

Safe Harbor Statement

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; and the Company’s business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC, including, the Company’s current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.