Volusion said Monday that it has secured $35 million in debt financing from Silicon Valley Bank. The capital will be used for product deelopment. With offices in Austin, Texas and London, Volution is a provider of ecommerce solutions for online businesses.
Austin, TX (PRWEB) January 13, 2014
Volusion, Inc., the leading provider of ecommerce software and services, today announced it has completed a $35 million debt financing with Silicon Valley Bank to expand its portfolio of best-in-class solutions.
This financing will be utilized to accelerate the continued enhancement and development of the Volusion platform, designed to meet the needs of small-to-medium businesses, and the new API-first Mozu platform, which is optimized for the enterprise business. Additionally, these investments will fund aggressive growth of the Volusion, Inc. team, including roles across the Product, Support, Sales, Marketing and IT organizations.
The decision by Volusion’s management and founders to finance the company’s current capital needs with debt rather than venture capital or private equity allows the stockholders and employees of Volusion, Inc. to retain the value that will be created by this investment. This directly aligns with the company’s plans for a potential initial public offering in the future.
“Helping dynamic, high-growth companies become more successful is what we strive to do every day. Working with Volusion, Inc. compounds that effort since as it grows it helps even more small, medium and enterprise sized businesses become successful too,” said Blake English, Managing Director for Silicon Valley Bank in Austin. “As Volusion continues to grow and power some of the most successful merchants’ online presence, we believe this new financing will give the team the flexibility it needs to tackle its goals in 2014 and beyond.”
Volusion, Inc. has achieved substantial growth over the past several years, adding tens of thousands of clients to its roster using the Volusion platform, and recently launching the Mozu platform. Additionally, the company has added over 400 employees since 2009, and expanded its partner network to include hundreds of best-in-class companies and solutions providers.
“We have aggressive expansion plans in the coming years for Volusion, Inc. as we continue to grow our SMB offering, as well as disrupt the enterprise commerce space with the Mozu platform. We have reimainged commerce and Mozu fulfills our vision of truly limitless commerce for the largest retailers in the world. This funding enables us to reach our goals for extensive growth and to satisfy the increasing aspirations of businesses of all sizes in their quest to dominate their markets,” said Clay Olivier, CEO, Volusion, Inc.
About Volusion, Inc.
Volusion, Inc. provides commerce solutions for all business types, ranging from startups to large enterprises. The organization’s product portfolio includes: the Volusion platform, designed for entrepreneurs and SMBs, and the Mozu platform, which is built for the large enterprise market. Volusion, Inc. is dedicated to providing the solutions, services and support needed to connect people to technology that empowers the success of their business.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System. (Nasdaq: SIVB) http://www.svb.com.