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PNC, Trinity Capital Provide $21.5MM Credit Facility to Veritcal Communications

July 15, 2016, 07:56 AM
Filed Under: Telecom

Vertical Communications 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.

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.

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