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 $176.9 million for the fiscal year ended June 30, 2016, an increase of 18% from $149.9 million in fiscal year 2015.
“Working with the Wells Fargo Capital Finance team has been a tremendous experience,” said Ron Ben-Yishay, DynTek’s CEO. “The team’s knowledge of the technology industry allowed us to close the transaction quickly and efficiently. As our organization grows and processes larger, more complex transactions and investments, we require a strategic banking team that has the breadth and depth to support our initiatives. Wells Fargo is integral in our strategic growth and we appreciate their confidence in our business plan, team and market position.”
DynTek provides professional IT solutions across a broad range of areas such as cybersecurity, data center and cloud computing.