Red Barn Backs CoreXchange

CoreXchange, a Dallas-based network access exchange provider, has raised an undisclosed amount of convertible note financing led by Red Barn Investments. The company also secured a credit facility from Silicon Valley Bank.

 

PRESS RELEASE

 

the industry's first network access exchange provider, announced that it has completed a convertible note financing led by Red Barn Investments and has secured a credit facility with Silicon Valley Bank. Funding terms were not disclosed.

 

“Red Barn is pleased to increase its investment commitment in CoreXchange,” according to Pat Pollard, Red Barn managing director. “CoreXchange continues to execute on its business plan and capitalize on the significant market opportunity of providing high-availability network services to enterprises.”

 

CoreXchange will use the investment and credit line proceeds for the build-out of additional network and data center infrastructure and to support the continued development of its service offerings.

 

“We are dedicated to helping high-growth technology companies like CoreXchange reach their goals,” stated Brian Brown, senior relationship manager of Silicon Valley Bank. “Our bank's innovative approach, financial resources, and network of business relationships will provide a long-term benefit to CoreXchange as it pursues its compelling business model.”

 

CoreXchange provides a comprehensive suite of enterprise networking services, including network connectivity to multiple Tier-1 Internet backbones, managed services, and business continuity solutions. The company has simplified bandwidth pricing with its revolutionary ConfiguratorSM, which allows customers and resellers to obtain instant price quotes. CoreXchange customers can access a variety of network and service management tools through CoreControlSM, a powerful back-end management and support portal.

 

“CoreXchange is excited to have obtained strong financial backing from two highly reputable, experienced, and innovative funding sources,” said Ed Kramer, Chief Financial Officer of CoreXchange. “The follow-on funding from Red Barn and other investors and the credit facility that we secured through Silicon Valley Bank will enable us to augment investments in our network and technology infrastructure to capitalize on the ever-growing network services space.”

 

About CoreXchange, Inc.

 

CoreXchange is the IT industry's first network access exchange provider, delivering custom Internet bandwidth solutions and network infrastructure availability services. Headquartered in the nationally-recognized Dallas Infomart carrier center, CoreXchange is led by a highly experienced team of networking services technologists and executives. To learn more about CoreXchange, visit the website at www.corexchange.com.

 

About Red Barn Investments

 

Red Barn Investments is a private equity firm located in Northbrook, Illinois that invests in small and mid-sized companies where its expertise and relationships can assist in creating value over the long term. It typically invests between $1 to $5 million in transactions valued up to $30 million. To learn more about Red Barn Investments, visit the website at www.redbarnllc.com.

 

About Silicon Valley Bank

 

Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara , Calif. , the company serves clients around the world through 27 U.S. offices and three international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.