Telecom Lead America: Peerless Network, a provider of carrier and enterprise interconnection services, has secured $15 million in debt financing from Square 1 Bank.
Peerless will use the financing to fund network growth, provide additional data center capacity and enter new markets.
“The debt facilities with Square 1 Bank represent a significant achievement for Peerless providing the company greater financial flexibility as we expand,” said Doug Lee, Peerless Network’s Chief Financial Officer.
Peerless has reported average annual revenue growth of 236 percent and EBITDA positive since 2010.
The company expanded network points of presence (POPs) to cover 49 U.S. markets.
In addition, it entered long term customer contracts with several national wireless carriers.
Peerless completed construction of its first data center and co-location facility with customer leases or options to lease nearly 8,000 square feet of space.
The company also expanded its international presence to support a UK-based mobile carrier’s entry into the United States.
“This has been an amazing year for Peerless and our new financing is a direct result of profitably growing our business by executing our strategic plan,” said John Barnicle, president and CEO of Peerless Network.
“We remain focused on taking advantage of the competitive environment and expanding our portfolio of services with a common-sense approach that plays to our strengths. Our new data center is a perfect example and is nearly 100 percent leased within weeks of its launch,” Barnicle added.
