Vertical Communications closed a $21.5 million financing package comprised of an asset-based lending facility and a senior term facility provided by PNC Bank and Trinity Capital.

Vertical will use the proceeds to strengthen its balance sheet and invest in several strategic growth initiatives currently under way, including innovation development activities and market expansion.

“We are very excited to partner with PNC Bank and Trinity Capital as strategic financing partners to help Vertical achieve its next phase of growth and expansion,” said Peter Bailey, Vertical’s CEO. “This funding puts Vertical in a fantastic position to pursue additional growth initiatives, including entering new geographic markets and targeted M&A opportunities. As the market for enterprise cloud communications solutions continues to accelerate, Vertical is well positioned in terms of our product offerings, our execution capabilities and our financial backing. As a result of this financing, we expect Vertical will be optimized to execute its plan and expand its leadership position in the markets we serve.”

Santa Clara, CA-based Vertical Communications is a provider of communications platforms and applications that enable critical business workflows for enterprises across a variety of industries including retail, automotive, health care and hospitality.