Hercules Technology Growth Capital Invests $22.5 Million Of Debt Financing In Ikano Communications
Hercules Technology Growth Capital, Inc. (NASDAQ:HTGC), a leading specialty finance company providing growth capital to venture capital and private equity backed technology and life science companies, continues to add later stage companies to their growing portfolio. The Company today announced that on March 30, 2007, it provided $22.5 million of debt financing to Ikano Communications Inc., a leading provider of private-label, wholesale and retail Internet services.
“Ikano’s lasting relationships with some of the largest Telco carriers in the industry coupled with its unique IP services have been key factors in driving the company’s substantial growth over the last several years,” said Sam Bhaumik, senior managing director of Hercules. “Our ability to provide debt financing to mature, later-stage companies such as Ikano illustrates Hercules’ own continued success and growth.”
Under new management, Ikano has seen a surge in new business and has grown its revenue run rate over 100% since June 30, 2005. The company expects further growth as the infrastructure for broadband service expands nationwide.
“We have experienced tremendous growth over the past several years,” commented George Naspo, CEO of Ikano. “This funding will support our recent acquisitions and allow Ikano to continue to provide world class reliability and customer support to our partners and over 500,000 subscribers nationwide. We are pleased to establish a relationship with a long term partner such as Hercules who can grow with us.”
Ikano is backed by a number of leading industry investors including Insight Venture Partners.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.