Workshare Secures $8.4MM Revolver from WFCF Tech Unit
Workshare, a provider of secure enterprise file sharing and collaboration applications, announced today that it entered into an $8.4 million credit facility with the Technology Finance Division of Wells Fargo Capital Finance.
This augments the company’s $33.8 million in funding raised from Business Growth Fund and Scottish Equity Partners, which was closely followed by the company’s successful merger with SkyDox and IdeaPlane, a cloud collaboration company and social business platform provider.
Workshare will use the facility to accelerate the development of its enterprise-grade file sharing and collaboration product offerings for cloud, desktop and mobile channels.
Workshare is used by more than 2 million knowledge workers, from over 62% of the Fortune 1000, representing semi-regulated and highly regulated sectors such as legal and professional services, banking and finance, life sciences, and healthcare to securely create, share and collaborate on high-value content.
“As this sector continues to evolve, companies will only succeed if they address users’ needs for simplicity and ease of use while providing IT groups with complete control of their organizations’ content,” said Steven Osborne, business development officer and director of the U.K. Technology Finance Team at Wells Fargo Capital Finance.
“Our tech lending team has a deep understanding of the software sector and were impressed by Workshare’s business model, which boasts an established recurring revenue model, solid customer base, and high customer-retention rates. We are pleased to work with Workshare and look forward to the company’s continued success in this rapidly growing market,” Osborne said.
Anthony Foy, CEO at Workshare, commented, “It’s great to see that our measured approach to growing the company has been recognized by one of the world’s leading banks. We are proud to work with such a professional and experienced tech lending team that understands our vision and business model, as well as Torch Partners who have supported the process. This funding will allow us to continue to develop and provide innovative and highly secure enterprise collaboration offerings that exceed both IT and user needs.”