June 9, 2004 -- (WEB HOST INDUSTRY REVIEW) -- Managed Web hosting provider Rackspace Managed Hosting (rackspace.com) has secured a $25 million revolving line of credit from Comerica Bank, the companies announced on Tuesday.
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"We're pleased to continue our banking relationship with Comerica and receive this line of credit, which will be invaluable to us as we continue to gain market share," says Lanham Napier, president of Racksapce. "Comerica has been with us since the beginning and is continuing to grow as we grow."
Comerica's technology and life sciences division, which has worked with Rackspace for several years, specializes in banking for the high technology industry.
"We are quite pleased to make the financing arrangement available for Rackspace and to continue our longstanding relationship," says Tim Klitch, senior vice president of Comerica's technology and life sciences division. "We continue to believe that Rackspace has built a successful business and is an ever growing force in the managed hosting industry."
