CoreDial Secures Facility From Silicon Valley Bank
CoreDial said it secured a $1.5 million senior debt facility from Silicon Valley Bank. The funds will be used to continue to develop CoreDial’s service enablement platform and to fuel customer acquisition.
According to Infonetics Research, the cloud communications industry grew 17 percent in 2012. CoreDial has been growing well ahead of that industry pace, reporting greater than 50 percent growth for the second quarter of 2013. It was the company’s tenth consecutive quarter of sequential growth and also the 11th consecutive profitable quarter.
“Receiving this line of credit from a respected source like Silicon Valley Bank is an acknowledgment of our success to date, the power of our software and our channel-centric, recurring revenue business model,” said Alan Rihm, CEO of CoreDial. “We have good visibility into future revenues and strengthening market demand, and this credit facility provides us with additional resources with which to fulfill this outlook.”
CoreDial’s cloud-based service enablement platform enables the growing market of interconnects, managed service providers and carriers to transform their business into a powerful cloud communication solution engine. This turnkey solution empowers CoreDial Partners to build recurring revenue streams with gross margins up to 65 percent.
“We’re pleased to extend this line of credit to CoreDial,” said Richard White, vice president of Silicon Valley Bank. “CoreDial has proven itself to be a leader in the fast-growing cloud communications space, on the strength of both operational excellence and a disruptive approach to delivering communications software and services.”
Blue Bell, PA-based CoreDial cloud software and services enable companies to quickly and cost effectively sell, deliver, manage and invoice for high-quality, private-labeled cloud communication services including hosted PBX solutions, VoIP, SIP trunking, and Unified Communication products and services.