Vertical Communications, a Santa Clara, CA-based provider of business communications solutions, closed a $21.5m financing.
The package included an asset-based facility and senior term facility provided by PNC Bank and Trinity Capital.
The company intends to use the funds to strengthen its balance sheet and invest in several strategic growth initiatives currently under way, including innovation development activities and market expansion.
Led by Peter Bailey, chief executive officer, Vertical Communications provides cloud and hybrid voice, WebRTC, mobility, messaging and collaboration solutions that enable critical business workflows for enterprises across a variety of industries including retail, automotive, health care and hospitality.
The company recently introduced its “Vertical One Framework”, which facilitates the delivery of unified communications, workflow applications and communications services through a hybrid cloud architecture. Through the framework, businesses can deploy a wide range of communications features and business productivity tools that can be customized to enhance workflows and improve organizational efficiency.