OREM, Utah, April 8, 2013 /PRNewswire/ -- Vision Security, a major home automation and monitored security services company, announced today that they have successfully closed a $35 million syndicated loan transaction with The PrivateBank and Trust acting as the lead agent.
"We couldn't be more excited about closing this credit facility," said Rob Harris, CEO and Founder of Vision.
"This is just the beginning of the continued success we anticipate. Importantly, we were able to retain 100 percent of the equity in the company and we now have critical financing to grow Vision for years to come," said Harris.
" Jennifer Holloway and Mark Melendes of The PrivateBank have been great collaborators. We are excited about building a long and healthy relationship with them," added Harris.Today's announcement comes on the heels of the promotion of Dan Noble to President of Vision Security. "We couldn't have obtained this credit without the key involvement of our new president, Dan Noble, along with many other key personnel in our corporate office. Our whole company is excited about reaching this milestone," emphasized Harris. "The credit facility serves to strengthen Vision's ability to achieve key growth milestones, that include projecting to grow our approximately $500,000 in recurring monthly revenue by 75 percent or more this year," president Noble said. Founded in 2006, Utah-based Vision has experienced substantial annual growth since inception. "Importantly, since our beginning, we have remained committed to a high ethical standard of account creation as well as superior customer service. Everyone in our company understands the importance of low attrition and we are constantly striving to drive that metric down," said Harris.