Faction Closes the Year with $6M in Funding for Cloud Innovation and Continued Company Growth
Denver, CO – December 15, 2015 – Faction, an enterprise-class Infrastructure-as-a-Service (IaaS) cloud provider offering hybrid, private, and public cloud solutions, announces it has raised $6 million in funding this month. Faction’s most recent round of funding comes from current investment partners Meritage Funds and Sweetwater Capital, as well as debt financing from Ares Capital Corporation. The $6 million in debt and equity capital will be used for the company’s explosive customer demand. In 2015 Faction experienced 46% year over year growth and expects similar results in the year ahead.
“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.”
Faction had a productive year in 2015, securing several strategic partnerships and launching an expanded, simple-to-use product portfolio. Faction launched its flexible Cloud Bloc methodology for enterprises, which removes the “one size fits all” nature of purchasing cloud solutions. In June, Faction announced its cloud Marketplace that connects existing customers and partners to various cloud service providers and approved vendors. The company also established its Faction Advanced Solutions Team (FAST) who specializes in complicated cloud requirements, allowing customers to utilize experts in the field to establish customized cloud solutions.
“As a service provider’s cloud, Faction supports a rapidly growing number of enterprises in need of Faction’s unique offering in the cloud marketplace,” says David Solomon, Managing Director of Meritage Funds. “The Faction team recognizes the changing needs of its cloud-oriented customers and has responded with much needed product innovation facilitating the company’s substantial growth and expanding customer base. Meritage Funds is thrilled with Faction’s continued success and we look forward to seeing what 2016 brings.”
With cloud locations in eight geographies throughout the US and UK, Faction Cloud is purpose-built for enterprise scale workloads. Faction offers a fully customizable cloud platform, built by service providers, for service providers. The company provides its users with deep access, broad customization capabilities and patented layer 2 private pathways to the Faction cloud.
For more information, please visit http://www.www.factioninc.com.
Faction is an enterprise-class IaaS cloud provider offering private, public, & hybrid cloud solutions. Faction supplies cloud the way service providers, partners and customers want it with extreme performance, deep control, and broad customization capabilities. No compromises. No exceptions. Faction is 100% service provider-centric and provides the resources, tools and expertise that result in value for the end-user. With cloud nodes across the United States and in Europe (Seattle, Santa Clara, Denver, Chicago, Atlanta, New Jersey, New York, and the United Kingdom), Faction offers both Cisco UCS and Open Compute platforms, is a Platinum-level NetApp Service Provider, and is VMware Hybrid Cloud® and Iaas® Powered. Join the Faction Fold. Learn more at www.www.factioninc.com or (855) 532-4734. Follow us on Twitter (@FactionInc) and LinkedIn.
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