Daily News: March 8, 2013

Wellington Financial Provides $2MM to PHD Virtual Tech

Wellington Financial, a privately-held specialty finance firm, announced a $2 million venture debt financing for Philadelphia-based PHD Virtual Technologies. PHD Virtual provides virtualization backup and monitoring software for physical, virtual and cloud environments.

“With more than 5,000 customers worldwide and its rapid growth over the last three years, PHD Virtual has demonstrated it is a leader in the virtual backup and monitoring solutions space,” said Mark Usher, partner of Wellington Financial. “PHD has all of the makings of a world class company and we are very excited to add them to our portfolio of high growth innovation companies.”

James Legg, president and CEO of PHD Virtual said, “Partnering with Wellington Financial allows us to continue to invest in our growing business and take advantage of the opportunities we see in this growing and exciting market. We look forward to working with them.”

PHD Virtual is backed by leading venture capital firms, including Insight Venture Partners and has attracted a strategic investment from Citrix Systems (CTXS-Q).

Wellington Financial is a specialty finance firm providing term, venture and amortizing loans up to $30 million.