Workshare announced today that it has entered into an $8.4 million credit facility with the Technology Finance Division of Wells Fargo Capital Finance, part of AA-rated Wells Fargo Bank. This augments the company’s $33.8 million in funding raised from Business Growth Fund and Scottish Equity Partners, which was closely followed by the company’s successful merger with SkyDox and IdeaPlane, a cloud collaboration company and social business platform provider. Workshare will use the facility to accelerate the development of its enterprise-grade file sharing and collaboration product offerings for cloud, desktop, and mobile channels.
In an interview with TechCrunch, CEO Anthony Foy said the company went the line of credit route because they wanted cash to expand their customer support mechanisms but they didn’t want to dilute the options owned by stakeholders in the company. Workshare can draw on the money as they see fit and will pay it back over a 4-year period,