Qumu Secures $10 Million Revolving Credit Facility, Providing Additional Financial Flexibility to Execute SaaS Growth Strategy
January 19 2021 - 9:15AM
Business Wire
Qumu Corporation (Nasdaq: QUMU), 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.
“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.”
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.
About Qumu
Qumu (Nasdaq: QUMU) is a leading provider of best-in-class tools
to create, manage, secure, distribute and measure the success of
live and on-demand video for the enterprise. Backed by the most
trusted and experienced team in the industry, the Qumu Cloud
platform enables global organizations to drive employee engagement,
increase access to video, and modernize the workplace by providing
a more efficient and effective way to share knowledge.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Any statements contained
in this press release that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting
the foregoing, words such as “may,” “will,” “expect,” “believe,”
“anticipate,” or “estimate” or comparable terminology are intended
to identify forward-looking statements. Forward-looking statements
are subject to various risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such statements.
Such forward-looking statements include, for example, statements
about: the expected use and adoption of video in the enterprise,
the Company’s future revenue and operating performance, future
product mix, the demand for the Company’s products or software, or
the success of initiatives in the Company’s strategic roadmap. The
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward-looking
statements include the risk factors described in the Company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020,
any subsequently filed Form 10-Q and Current Reports on Form 8-K
and other filings with the Securities and Exchange Commission.
The forward-looking statements in this press release speak only
as of the date of this press release. Except as required by law,
Qumu assumes no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210119005344/en/
Company Contact: Dave Ristow Chief Financial Officer Qumu
Corporation Dave.Ristow@qumu.com +1.612.638.9045
Investor Contact: Matt Glover or Tom Colton Gateway
Investor Relations QUMU@gatewayir.com +1.949.574.3860
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