(WEB HOST INDUSTRY REVIEW) — Data center operator Horizon Data Center Solutions (www.horizondcs.com) announced on Monday that it had secured $7.5 million in institutional funding with Ballast Point Ventures serving as lead, to finance the addition of facilities.
Horizon announced last week that it had begun to work on acquiring the financing, having reached $5 million by Friday.
Along with the financing, Ballast Point Ventures partner Paul Johan has joined the Horizon board of directors.
“Horizon has delivered outstanding service to its customers and has brought to the marketplace a new approach that provides access to top tier data center space in a format that is scalable and agile” said Johan, quoted in the announcement. “The Horizon approach has been well received by both data center industry analysts and customers, as is evident in their rapid growth, which we found particularly impressive in a very difficult economic environment. We believe the company is well positioned to continue their growth, and we’re excited to partner with such a high quality management team.”
According to the announcement, the funding will accelerate the company’s “tri-coastal” plans for expansion. Horizon plans to use the $7.5 million in minority equity infusion to open new facilities and expand its managed IT services, including its private cloud computing platform.
“We have been working on opportunities in both Northern Virginia and California, in addition to expansion in our Dallas home market,” says Horizon CEO Lance A. Smith, also in the release. “This investment will allow us to move quickly on those opportunities to provide much needed top tier data center services to enterprise, Web 2.0 businesses and government entities in these regions.”
Horizon says it was founded with investment from the Eric Chancellor Family LTC Partnership, a private investment firm founded by Dallas real estate investor Eric Chancellor in 1990, and that its equity relationship with Horizon continues.
About Liam Eagle
Liam Eagle has worked as a contributor to the Web Host Industry Review since its inception in 2000, and as editor since 2003. He has been editor of the WHIR's print magazine since its launch. His daily involvement in the gathering and reporting of Web hosting news and his regular interaction with Web hosting leaders gives him an uncommonly broad appreciation of the issues and tends facing the business. Through his WHIR blog, Liam spots Web hosting trends and offers opinions on the industry-wide impacts of major developments and the motivation behind big announcements. Follow him on Twitter @liameagle
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