Union Bank Provides $15 Million Revolving Facility to DynTek
DynTek, Inc., a provider of professional technology services, and Union Bank announced the companies have entered into a new three-year $15 million revolving line of credit and commercial banking relationship.
The new line of credit structure is intended to provide DynTek with reduced interest expense and increased flexibility to support the company’s strategic growth initiatives and investments. The company plans to use the funds to support general working capital and future revenue growth across its national base. DynTek reported revenues of $123.8 million for the fiscal year ended June 30, 2011, an increase of 45% from $85.6 million in fiscal year 2010.
“This new credit facility and commercial banking relationship is another major milestone for our organization and is a direct result of the profitable growth, operational efficiencies and investment in core technology practice areas that has been our primary strategic focus area for the past several years,” said Ron Ben-Yishay, DynTek’s chief executive officer. “Union Bank is a valued partner in our future success and their confidence in our financial condition, management team, and future prospects is an important industry validation.”
“During a very challenging economic period in our country, DynTek was able to thrive and showcase record results,” said SVP Michael Murphy, division manager of Union Bank’s Commercial Finance Division. “We’re happy to support their continuing success and look forward to seeing our relationship grow and prosper.”
DynTek is a provider of professional technology services to mid-market companies, such as state and local governments, educational institutions and commercial entities in the largest IT markets nationwide.