Investment Will Drive Regional Expansion
Salt Lake City, Utah – October 3, 2012 – C7 Data Centers (C7), a leading provider of advanced IT and data center outsourcing services, announced today the company has secured $25 million in debt and equity funding. Coming from MCG Capital Corporation and previous investment partner Signal Peak Ventures, the new funding will enable C7 to expand its data center footprint and operations to meet the growth demands of existing and prospective clients.
C7’s burgeoning client base includes a variety of iconic brands from the financial, high-tech, medical and education industries which have embraced C7’s client centric approach while providing a secure, energy efficient and cost effective data center experience. C7’s rapid growth also reflects the attraction of their high density data center designs, which capitalizes on the attractive power rates, fiber and connectivity infrastructure, limited natural disasters and a favorable business environment and accessibility that its Utah locations afford.
“We are excited to have led the debt portion of C7’s new capital funding which has been tailored to allow C7 to continue to keep pace with the robust demand for their data centers and services," stated Bob Marcotte, Executive Vice President and Managing Director of MCG Capital Corporation. “The IT experience and unwavering service commitment of the C7 team have established the company as a leader in their ability to deliver on the critical data center production demands of even the most discriminating enterprise customers.”
In addition to focusing on the continued development of its colocation services in all of its data centers, C7 provides customers with proven disaster recovery, data backup and cloud/hybrid cloud solutions.
“We’ve been extremely pleased with C7’s exponential growth and a ability to attract clients across industries,” said Brandon Tidwell, Managing Director, Signal Peak Ventures. “C7 has maintained customer satisfaction and retention levels that are remarkably high. Because of this, C7 has an immediate and massive opportunity to convincingly sell to new customers and provide additional data center services to existing customers.”
Of the funding, Wes Swenson, C7 Data Centers’ CEO, remarked, “It’s important to work with institutions like MCG and Signal Peak Ventures who possess a deep understanding of the colocation market and evolving market demands during this stage of the company’s growth. Their support and committed funding provide C7 with the capital to continue to meet the dynamic market demand for its colocation services including the construction of additional data centers we have planned locally and regionally.”
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
About Signal Peak Ventures
Signal Peak Ventures is an early-stage venture capital firm with more than $450 million of committed capital under management. The fund targets information technology and life sciences companies and looks for companies with the potential to transform their markets and create lasting value. Signal Peak's primary areas of focus include enterprise software, networking and communications, security software, Internet, mobile computing, drug delivery, diagnostics and medical devices -- and the firm has deep experience in all of these markets, having founded or served as senior officers and board members in more than 100 companies. Visit signalpeakvc.com for more information.
About C7 Data Centers
C7 Data Centers is a privately held Utah company focused on providing high-value data center outsourcing, cloud, dedicated server and disaster recovery solutions to local, national and international businesses. Companies select C7 for colocation and business continuance and because of Utah’s disaster free record, low operational costs, and easily accessible location in the United States. All C7 data centers are SSAE 16 Type 2 audited. The company is committed to research in power and cooling efficiencies and to the adaptation of leading edge data center technologies. For more information about C7 Data Centers, call 801-822-5300 or visit www.c7dc.com.