Funding Strengthens Vertical's Financial Resources to Drive Growth Initiatives
SANTA CLARA, CA--(Marketwired - Jul 14, 2016) - Vertical Communications®, a leading provider of business communications solutions, announced it has closed a $21.5 million financing package comprised of an asset-based facility and senior term facility provided by PNC Bank and Trinity Capital. Vertical will use the proceeds to strengthen its balance sheet and invest in several strategic growth initiatives currently under way, including innovation development activities and market expansion.
"We are very excited to partner with PNC Bank and Trinity Capital as strategic financing partners to help Vertical achieve its next phase of growth and expansion," said Peter Bailey, Vertical's chief executive officer. "This funding puts Vertical in a fantastic position to pursue additional growth initiatives, including entering new geographic markets and targeted M&A opportunities. As the market for enterprise cloud communications solutions continues to accelerate, Vertical is well positioned in terms of our product offerings, our execution capabilities and our financial backing. As a result of this financing, we expect Vertical will be optimized to execute its plan and expand its leadership position in the markets we serve."
Vertical is currently in the midst of several major initiatives. The company recently introduced its "Vertical One Framework™," which facilitates the delivery of unified communications, workflow applications and best-of breed-communications services through a hybrid cloud architecture. Through the Vertical One Framework, businesses can easily deploy a wide range of communications features and business productivity tools that can be customized to enhance workflows and improve organizational efficiency.
In addition, Vertical is actively engaged in a number of go-to-market expansion efforts. Already entrenched as a leading provider of communications solutions for the retail and automotive sectors, Vertical is currently investing in its presence within the health care and hospitality industries. The company is also growing its national direct sales footprint, which currently services more than two dozen major metropolitan areas across the United States.
"We have a lot of ambition and expectation to grow our business thanks to our extremely talented staff, fantastic customers, market leading technology and services, as well as strong financial partners," concluded Bailey. "Vertical has led the market in providing advanced communications technology to enhance critical workflows for enterprise customers. Our new partnership with PNC Bank and Trinity Capital will enable us to broaden our footprint and accelerate our growth."
For more information about Vertical's cloud and hybrid communications solutions, visit www.vertical.com, or call 1-877-VERTICAL.
About Vertical Communications
Vertical Communications®, Inc. is a leading provider of communications platforms and applications that enable critical business workflows for enterprises across a variety of industries including retail, automotive, health care and hospitality. Our cloud and hybrid voice, WebRTC, mobility, messaging and collaboration solutions help some of the world's most successful companies improve efficiencies in daily operations, drive sales and deliver a superior customer experience. Vertical's award-winning products and solutions, combined with our highly customer-focused engagement model, make us a strategic partner for businesses looking to transform their operations with communications technology. For more information about Vertical Communications and our complete line of products built for How We Work Today, visit www.vertical.com.