Dallas Provider CoreXchange Raises Funding

Dallas colocation provider CoreXchange has secured convertible debt financing from Red Barn Investments for infrastructure expansion, the company said today.

Dallas colocation provider CoreXchange has secured convertible debt financing from Red Barn Investments for infrastructure expansion, the company said today. The deal reflects confidence about prospects for the colocation business, which is expected to benefit as companies seek to avoid costly data center construction projects. 

Red Barn previously supplied a round of funding last August. Terms of the funding were not disclosed.

CoreXchange operates a network connectivity exchange that allows customers to quickly get quotes on multi-homed connectivity using the CoreXchange Configurator, which currently offers six carriers. Connectivity services are available in the CoreXchange data center or at a customer's remote location via local loop or metro Ethernet.

“CoreXchange has achieved significant customer growth in line with the aggressive revenue targets that we set last year,” said Michael Walti, co-founder and technology architect of CoreXchange. “The latest funding round from Red Barn provides a solid funding base going into 2009 as we expand our infrastructure and service delivery capabilities to meet the increasing demand for our networking and colocation services.”

“We are enthusiastic both about the long-term growth prospects of the network infrastructure and colocation industry and CoreXchange’s compelling value proposition in this market,” stated Pat Pollard, Red Barn Managing Director. “The CoreXchange team continues to deliver solutions that are attractive to enterprises seeking maximum reliability and performance in a way that fits their IT budgets.”

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