CLOUD PARTNERS — Cloud software and services provider CoreDial (Booth 200) has secured $1.5 million from Silicon Valley Bank to continue the development of its service-enablement platform and to fuel customer acquisition. The company is making the announcement at Cloud Partners, a Channel Partners event.
The cloud industry grew 17 percent in 2012, a number CoreDial says it has beaten, reporting better than 50 percent growth in the second quarter. It was the company’s 10th consecutive quarter of sequential growth and also its 11th straight profitable quarter.
“Receiving this line of credit from a respected source like Silicon Valley Bank is an acknowledgment of our success to date, the power of our software, and our channel-centric, recurring revenue business model," said Alan Rihm, CEO of CoreDial. “We have good visibility into future revenues and strengthening market demand, and this credit facility provides us with additional resources with which to fulfill this outlook."
CoreDial says its cloud-based service enablement platform enables the growing market of interconnects, managed service providers and carriers to transform their business into a powerful cloud communication solution engine. This turnkey solution empowers CoreDial partners to build recurring revenue streams with gross margins up to 65 percent.