imgres-8Volusion announced the completion of $35 million in debt financing to expand its ecommerce software and services.
The Austin-based company secured the line of credit from Silicon Valley Bank. The company plans to use the money to further develop its software platform and to hire product, support, sales, marketing and IT workers.
The company decided to finance its growth through debt financing instead of venture capital or private equity to retain ownership. It plans to file an initial public offering in the future.
“As Volusion continues to grow and power some of the most successful merchants’ online presence, we believe this new financing will give the team the flexibility it needs to tackle its goals in 2014 and beyond,” Blake English, managing director for Silicon Valley Bank in Austin, said in a news release.
Volusion, founded in 2009, currently has more than 400 employees.
The company has “aggressive expansion plans” for its products targeted at the small to medium sized business market, according to Clay Oliver, CEO of Volusion.