(WEB HOST INDUSTRY REVIEW) — Canadian web hosting provider iWeb Group (www.iweb.com) announced on Wednesday it has completed a $3 million financing with BMO Bank of Montreal, one of its major financial partners.
The $3 million revolving credit is available in term loans, plus 4.75 percent in interest over a 42-month term.
iWeb intends to use this loan to fund servers in the largest of the company’s three Montreal data centers.
iWeb CFO Philip Tousignant says the investment in IT infrastructure will continue expanding the company’s dedicated hosting service offering, which passed the 10,000 server mark in March.
The company has already put $1.37 million of the financing toward servers that it is currently using.
Just last month, the company moved up from 100th position to 85th position on the Profit100, business magazine PROFIT magazine’s annual ranking of Canada’s fastest growing companies based on revenue growth over the past 5 years.
The company offers a range of services, including dedicated server hosting, colocation and web hosting services to more than 21,000 customers in 150 countries.
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