Qumu Corporation, a leading provider of cloud-based enterprise video technology for organizations of all sizes, has closed a $10 million revolving credit facility with Wells Fargo Bank, NA. The revolving credit facility availability is determined by recurring revenue, and has a maturity date of January 15, 2023.
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Qumu Secures $10 Million Revolving Credit Facility, Providing Additional Financial Flexibility to Execute SaaS Growth Strategy
“This new credit facility enhances our financial flexibility, further supporting our ability to prudently invest in growth opportunities and manage working capital,” said Dave Ristow, Qumu Chief Financial Officer. “These benefits are important as we continue to execute our long-term strategic roadmap to position Qumu as a cloud-first organization and drive sustainable growth and high-margin, SaaS recurring revenues. We appreciate the support from our partner Wells Fargo Bank in creating a financing solution that is both responsive to our needs and designed to support our growth goals.”
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TJ Kennedy, Qumu President and Chief Executive Officer, added: “As the move to remote work increasingly becomes the norm and many companies, including Qumu, permanently transition to fully distributed workforces and hybrid work environments, the need for Qumu’s large-scale streaming, video on demand, and video content management capabilities, has never been greater. These favorable market dynamics have us well positioned to realize our financial and operational objectives in 2021.”
Additional details of the credit facility with Wells Fargo Bank will be available in the Company’s current report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission.