Faction is thrilled to announce it has raised $6 million in funding this month from our current investment partners Meritage Funds and Sweetwater Capital, as well as debt financing from Ares Capital Corporation. The $6 million in debt and equity will be used to fund our explosive customer demand, which has resulted in 46% year over year growth.
“This was an exciting year for Faction,” says Luke Norris, Chief Executive Officer for Faction. “To better convey our identity and our cause – cloud the way you want it – we changed our company name to Faction and expanded our cloud portfolio, all the while delivering the superior engineering expertise that drives value for our customers. Being Faction means our customers are in the driver’s seat. They have full control and deep access into their platforms, as well as highly flexible cloud solutions for their hybrid IT environments. Embracing our cause definitely paid off as shown with our strong growth in 2015. This new round of funding will enable Faction to continue on its rapid growth trajectory, serve a wider customer base and introduce additional, innovative products to the market.”
In case you haven’t been up-to-date on Faction news, we had a very productive year. After rebranding to Faction at the beginning of 2015, our team continued to secure several strategic partnerships and expanded our innovative product portfolio. Earlier this year Faction launched our Cloud Bloc methodology for enterprises, which removes the “one size fits all” nature of purchasing cloud solutions. This past June, we announced our cloud Marketplace that connects existing customers and partners to various cloud service providers and “Faction approved” vendors. Finally, we established our Faction Advanced Solutions Team (FAST), who specializes in complicated cloud requirements, allowing customers to utilize experts in the field to establish customized solutions.
As a service provider’s cloud, we are proud to support the rapidly growing number of enterprises in the need of our unique cloud offerings. 2015 will certainly be a hard year to beat in terms of growth and technological innovation, but Faction was never known to shy away from a challenge. We already have a lot in the works for 2016 (keep an eye out for our Cloud Forecast blog – coming soon) and cannot wait to share it with you: our supportive customers, partners and friends.
Please click here to read the entire press release.