Modular data center specialist IO has arranged a new $260 million multi-year credit facility led by Wells Fargo, the company today. IO will use the money to continue to build out its platform of hardware and software to support its "Data Center 2.0" initiative.
IO's existing lender group, consisting of Wells Fargo and Mutual Bank of Omaha, has been expanded to include Bank of America, Bank of Montreal, JPMorgan Chase Bank, Royal Bank of Canada, National Bank of Arizona, Goldman Sachs Lending Partners and Morgan Stanley Bank.
"This new credit facility will help IO to continue to design, engineer and deliver the world's leading software-defined data center technology," said George Slessman, IO CEO and Product Architect. "Our IO Intelligent Control platform solves the data center needs of our customers in an efficient, scalable and cost-effective manner. We are pleased to continue our relationship with Wells Fargo and Mutual of Omaha, and welcome the new members of the bank group to IO."
IO has been a pioneer in the emerging market for modular data centers that are built in a factory using repeatable designs and can be shipped to either an IO data center or a customer premises.
Late fall the Phoenix-based company raised $90 million in equity funding from a group led by New World Ventures, an investment arm of the Pritzker family. The investment round includes $50 million from New World and $40 million from IO’s existing backers, which include Sterling Partners and J.P. Morgan Asset Management.