Aug 2, 2001 : Inflow Raises $35 Million
📅 - InFlow, Inc. (inflow.com) a leading provider of InternetData Centers (IDCs) and managed hosting services, today announced it hasraised an additional $35 million in private equity financing. Thisadditional capital will be used for continued investment in the Company's 18operational IDCs and to develop additional services to help companiesimplement and manage their e-commerce objectives.
"Inflow's ability to raise capital in tough economic times is a recognitionof Inflow's past and future successes in the marketplace," said ScottPerper, managing partner, First Union Capital Partners. "Inflow has signedmore than 250 new customers since the end of last year and its revenue hasgrown by more than 50% - that kind of momentum is what it takes to raisecapital today."
Additionally, Inflow announced operating results for its second quarterending June 30, 2001. Quarterly revenue increased 19 percent over the firstquarter, driven by new customer growth and higher penetration of managedservices to existing customers. During the second quarter, Inflow signed135 new customers, bringing total contracted customers to more than 625.
"Companies today are being more methodical than ever when choosing anoutsourcing partner. Financial stability is on all prospects' minds," saidArt Zeile, Inflow's chief executive officer.
To date, Inflow has raised more than $330 million in capital. Principalinvestors in this round include First Union Capital Partners, MeritagePrivate Equity Funds, Spire Capital, DLJ Merchant Banking and CornerstoneEquity Investors.
"We continue to see demand in the market for our services," said Jim McHose,chief financial officer for Inflow. "Our managed services are gaining a lotof traction with enterprise-class customers. Attractive customer andrevenue growth rates have-once again-allowed Inflow access to additionalcapital."
Inflow's suite of services includes managed firewall solutions, datastorage, applications, equipment and web site monitoring and load balancing,as well as 100% Internet access.
"Inflow's ability to raise capital in tough economic times is a recognitionof Inflow's past and future successes in the marketplace," said ScottPerper, managing partner, First Union Capital Partners. "Inflow has signedmore than 250 new customers since the end of last year and its revenue hasgrown by more than 50% - that kind of momentum is what it takes to raisecapital today."
Additionally, Inflow announced operating results for its second quarterending June 30, 2001. Quarterly revenue increased 19 percent over the firstquarter, driven by new customer growth and higher penetration of managedservices to existing customers. During the second quarter, Inflow signed135 new customers, bringing total contracted customers to more than 625.
"Companies today are being more methodical than ever when choosing anoutsourcing partner. Financial stability is on all prospects' minds," saidArt Zeile, Inflow's chief executive officer.
To date, Inflow has raised more than $330 million in capital. Principalinvestors in this round include First Union Capital Partners, MeritagePrivate Equity Funds, Spire Capital, DLJ Merchant Banking and CornerstoneEquity Investors.
"We continue to see demand in the market for our services," said Jim McHose,chief financial officer for Inflow. "Our managed services are gaining a lotof traction with enterprise-class customers. Attractive customer andrevenue growth rates have-once again-allowed Inflow access to additionalcapital."
Inflow's suite of services includes managed firewall solutions, datastorage, applications, equipment and web site monitoring and load balancing,as well as 100% Internet access.
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