Redknee Solutions Inc., a provider of business-critical software and solutions for communications service providers, has announced that its wholly owned subsidiary, Redknee Inc., has entered into a senior secured credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company, for a revolving line of credit for up to US$20 million.
Redknee will use the credit facility for working capital, general corporate purposes and potential acquisitions. A portion of the credit facility with Wells Fargo has been used to repay the full outstanding credit facility the company had with Export Development Canada. The credit facility is secured by Redknee and Redknee Solutions (UK) Limited’s asset. The company and Redknee UK have guaranteed the obligations of Redknee Inc. The company’s guarantee is secured by a pledge of all of its shares in Redknee Inc.
“Our recent customer wins demonstrate the unique value our end-to-end cloud-based solution delivers to service providers by enabling them to launch new, innovative brands, capture market share, and increase revenue,” commented Lucas Skoczkowski, CEO of Redknee Solutions Inc. “Access to additional working capital allows us to leverage this success, and supports our growth strategy of increasing our footprint in Tier 1 and Tier 2 markets across the globe, including the pursuit of strategic acquisitions.”