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Wells Fargo Capital Finance Provides $50MM Working Capital Facility to DynTek

April 27, 2017, 07:30 AM
Filed Under: Technology

DynTek, Inc., a provider of professional technology services, and Wells Fargo Capital Finance, part of Wells Fargo & Company, announced the companies have entered into a new three-year $50 million revolving line of credit and commercial banking relationship.

The new line of credit structure is intended to provide DynTek with reduced interest expense and increased flexibility to support the company's strategic growth initiatives and investments. The company plans to use the funds to support general working capital and future revenue growth across its national base. DynTek reported revenues of $176.9 million for the fiscal year ended June 30, 2016, an increase of 18% from $149.9 million in fiscal year 2015.      

“Working with the Wells Fargo Capital Finance team has been a tremendous experience,” said Ron Ben-Yishay, DynTek’s chief executive officer. “The team’s knowledge of the technology industry allowed us to close the transaction quickly and efficiently. As our organization grows and processes larger, more complex transactions and investments, we require a strategic banking team that has the breadth and depth to support our initiatives.  Wells Fargo is integral in our strategic growth and we appreciate their confidence in our business plan, team and market position.”

Recently named one of CRN®’s 2017 Tech Elite Solution Providers, DynTek provides professional IT solutions across a broad range of areas such as Cybersecurity, Data Center, Cloud Computing and more. The company holds top medallion-level partnerships across a broad range of industry-leading technology manufacturers, including Cisco Gold, Citrix Platinum, Microsoft Gold, McAfee Platinum, NetApp Gold and many more.

“DynTek is a strong company with a proven ability to provide tailored solutions for their clients,” said Anthony Lingafelt, Director, Supply Chain Finance, Wells Fargo Capital Finance. “We are very pleased to have been able to complete such significant financing that will enable DynTek the financial flexibility to continue their growth objectives.”

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