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Peerless Network Secures $15MM From Square 1 Bank

January 11, 2013, 07:27 AM
Related: Square 1 Bank

Peerless Network, a provider of carrier and enterprise interconnection services, has secured $15 million in debt financing from Square 1 Bank. Peerless will use the financing to fund network growth, provide additional data center capacity and enter new markets.

“The debt facilities with Square 1 Bank represent a significant achievement for Peerless providing the company greater financial flexibility as we expand,” said Doug Lee, Peerless Network’s chief financial officer.

Peerless has reported average annual revenue growth of 236 percent and EBITDA positive since 2010.

The company expanded network points of presence (POPs) to cover 49 U.S. markets. In addition, it entered long term customer contracts with several national wireless carriers.

The company also expanded its international presence to support a UK-based mobile carrier’s entry into the United States.

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