Technology provider Vology, Inc
. expects to accelerate its growth and potentially add 100 jobs in the next two years with $40 million in capital from a newly created senior credit facility financed by SunTrust Bank
, Fifth Third Bank
and Hancock Bank
The IT solutions provider is one of the Tampa Bay area's largest privately owned companies, specializing in networking, data storage and technical services. The company's services are geared to help businesses get the maximum benefit from IT budgets. Company officials anticipate searching for new acquisitions over the next two years.
In 2013 Vology merged with Bayshore Technologies, Inc., and earlier this year acquired the California-based division of Govplace
, headquartered in Reston, Va. Govplace serves state, local and education customers.
The financial deal gives Vology a $15 million revolving line of credit, $15 million for acquisitions and a $10 million term loan. There also is an "accordion" option for up to $15 million of additional revolving or term loan commitments.
Vology was able to pay off an existing $15 million senior secured revolving line negotiated with Bank of America four years ago.
This level of new financing gives Vology flexibility to move quickly when searching for new acquisitions, says CFO Steve Torres.
It gives Vology a nimbleness lacking in the previous financial agreement with BOA.
"This facility certainly provides that," he says. "It will help us create more jobs in the Tampa Bay area."
The greatest need as new jobs open up, across all of Vology's locations, will be in sales and technical engineering, Torres says.
Vology's history of doubling in size every two to three years is expected to continue, Torres adds, with growth fueled both organically within the company and through acquisitions.
Vology is headquartered in Tampa but has sales and management offices in Syracuse, NY; Denver, CO; Sacramento, CA; Irvine and Austin, TX; and Oklahoma City, OK.