DigitalOcean Secures $130 Million Credit Facility to Deliver Next Generation Cloud
NEW YORK – April 14, 2016 – DigitalOcean, the simplest cloud computing platform built for developers, today announced that it has secured a $130 million credit facility to continue its mission of building a next generation cloud for scaling startups and software defined businesses.
"We are delighted with the outcome of our credit facility. It complements the $83 million Series B equity financing that we closed in June 2015 and our strong cash flows and balance sheet in pursuing long-term growth opportunities," commented Brian Cohen, Chief Financial Officer of DigitalOcean.
The company plans to utilize these credit facilities to purchase equipment in order to continue its global expansion and support increasing demand. Over the past two years the company has experienced rapid growth, expanding their registered customer base from 253,000 to 708,000 users that have launched over 13 million cloud servers.
"These financing transactions contribute to our goal of building the next generation cloud for software developers," says Ben Uretsky, CEO of DigitalOcean. "We'll be releasing new products and features in the upcoming months that will enable larger production environments to scale on our cloud infrastructure."
"We're excited to be supporting the next phase of DigitalOcean's growth by employing the extended capabilities that are the result of our 2015 combination with KeyBanc Capital Markets Inc.," says Andrew Rippy, Managing Director, Pacific Crest Securities. "We look forward to playing a continuing role with the DigitalOcean team as they bring their offerings to more customers and continue to build out their cloud platform."
KeyBanc Capital Markets Inc. led the financing as Joint Lead Arranger and Joint Bookrunner and KeyBank National Association is the Administrative Agent and a lender. The other banks participating in the deal include Barclays Bank PLC, Pacific Western Bank, East West Bank, Opus Bank, Webster Bank and HSBC Bank USA.
Founded in 2012, DigitalOcean provides the easiest cloud platform to deploy, manage, and scale applications of any size, removing infrastructure friction and providing predictability so developers and their teams can spend more time building software that customers love. DigitalOcean is approaching $200 million in run rate and has a community of 3.5 million developers with 12 data centers across the globe. In addition to its headquarters in New York, DigitalOcean has an office in Cambridge, Mass. and remote employees around the world. For more information, simply visit https://www.digitalocean.com or follow @digitalocean on Twitter.