Daily News: June 19, 2014

SVB Provides Financing for Vertical Communications Merger

Vertical Communications announced the completion of a debt and equity financing in conjunction with its merger with Fulton Communications, which was completed June 2, 2014.

Silicon Valley Bank provided a new senior credit facility as part of the overall financing. The financing was led by Columbia Partners Private Capital and current investors Pathfinder Ventures and William Tauscher.

Columbia Partners Managing Directors Chris Doherty and Jason Crist will join Vertical’s board. Legal counsel for Vertical was provided by Andrews & Kurth for all aspects of the financing and merger transaction.

“Our merger with Fulton and the related financing provides Vertical with a direct channel to market in over 25 metro markets in North America and with the resources to grow our direct presence nationwide. In conjunction with our existing systems integrator channel, our overall distribution is increased dramatically, as well as our ability to deliver for customers,” said Peter Bailey, CEO of Vertical.

Vertical Communications is a provider of unified communications and IP telephony solutions and services to enterprise and business customers throughout North America and Europe.