Sep 19, 2002 : SAVVIS Secures $22.6 Million in Funding

📅 September 19, 2002 - Managed service provider SAVVIS Communications Corp. (SAVVIS.net -> lumen.com) announced on Thursday that it has closed on a $22.6 million investment from Welsh, Carson, Anderson & Stowe.

The new investment, says SAVVIS, is in addition to other investments secured this year. In March, SAVVIS received $158 million from a group of investors including Welsh, Carson, Anderson & Stowe. And in June, the company secured a $20 million investment from Bear Stearns asset management fund, Constellation Ventures.
"As previously announced in March, the Board approved this round of funding so that SAVVIS could continue to grow its sales and marketing, offering managed IP and managed hosting services to our traditional markets, the financial services industry and the mid market," says Rob McCormick, SAVVIS's chairman and chief executive officer. "This funding will further enhance the company's ability to move up-market to address the needs of multinational companies and will enable us to consider strategic business investment opportunities."
SAVVIS says it issued $22.6 million of 11.5 percent convertible preferred stock to Welsh Carson in exchange for cash. The preferred stock will be convertible into about 30.1 million shares of SAVVIS common stock at a price of $0.75 per share, and will give voting rights on an as-if-converted basis.

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URL source: http://www.thewhir.com/marketwatch/sav091902.cfm

Company: Savvis [savvis.net -> lumen.com]

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