File sharing company Workshare has entered an $8.4 million credit facility to accelerate the development of its enterprise-grade filesharing product.
The company has taken a credit facility with the Technology Finance Division of Wells Fargo Capital Finance, part of AA-rated Wells Fargo Bank.
This augments the company's $33.8 million in funding raised from Business Growth Fund and Scottish Equity Partners, which was closely followed by the company's successful merger with SkyDox and IdeaPlane, a Cloud collaboration company and social business platform provider. Workshare is used by more than two million people, from over 62 per cent of the Fortune 1000, representing semi-regulated and highly regulated sectors such as legal and professional services, banking and finance, life sciences and healthcare.
Wells Fargo Capital Finance, business development officer, Steven Osborne, said then bank's tech lending team had a deep understanding of the software sector and were impressed by Workshare's business model, which boasts an established recurring revenue model, solid customer base, and high customer-retention rates.
"We are pleased to work with Workshare and look forward to the company's continued success in this rapidly growing market," he said. Workshare chief executive, Anthony Foy, said it was great to see that the company's measured approach to growing the company had been recognised by one of the world's leading banks.
"We are proud to work with such a professional and experienced tech lending team that understands our vision and business model, as well as Torch Partners who have supported the process," he said.
"This funding will allow us to continue to develop and provide innovative and highly secure enterprise collaboration offerings that exceed both IT and user needs."