Praesidian Leads $25.5 Million Investment in Five-Year Senior Notes
NEW YORK – April 10, 2014 – Praesidian Capital (“Praesidian” or “the Firm”), a leading provider of senior and subordinated debt capital for small and mid-sized companies, reported today that it led a $25.5 million investment of five-year senior notes to Fusion (OTCQB: FSNN), a leading cloud services company. Funds are being used to support Fusion’s acquisition of the cloud services assets of Broadvox’s business services division, advance sales and marketing efforts, and for general corporate purposes. The senior debt complemented an additional $18.5 million in equity that Fusion raised through a private placement of convertible preferred securities and warrants.
Fusion is a New York-based provider of integrated cloud solutions, including cloud communications, cloud connectivity and cloud applications to small, medium and large businesses. Praesidian had worked with the company in 2012 in its acquisition of Network Billing Systems, Inc. (NBS), a Wayne, N.J.-based provider of cloud communications and Unified Communications services. Fusion reported that the completed integration of NBS and its proprietary platform and infrastructure accelerated the company’s organic growth and supported the Broadvox cloud service acquisition.
Glenn Harrison, Partner of Praesidian, reported that Fusion’s management team has delivered on its vision over the course of the last 18 months; the Broadvox acquisition is a continuation of the strategy to create long-term shareholder value.
“Management is both experienced and innovative,” Harrison noted. “Their success at meeting key objectives and executing an aggressive growth plan reinforces our confidence in the company.”
Fusion is a leading provider of integrated cloud solutions to small, medium, and large businesses. Fusion’s Fusion’s advanced proprietary service platform enables the integration of leading edge solutions in the cloud, including cloud voice, cloud connectivity, and cloud applications such as storage, and security. Fusion’s innovative yet proven cloud solutions lower customers’ cost of ownership and deliver new levels of security, flexibility, scalability and speed of deployment. For more information, please visit www.fusiontel.com.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses by providing senior and subordinated debt capital. Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $850 million in committed capital. For more information, visit www.praesidian.com.
Contact: The Abernathy MacGregor Group
Rivian Bell, firstname.lastname@example.org
Kristin Cole, email@example.com