Rackspace Managed Hosting (www.rackspace.com), a provider of managed web hosting services, announced on June 8, 2004 that it would receive a revolving credit of $25 million from Comerica Bank. The technology and life sciences division of Comerica Bank, which has collaborated with Rackspace for several years, concentrates on banking services for the high technology industry.
Tim Klitch, senior vice president of the technology and life sciences division at Comerica Bank, said that the bank was quite pleased to make the financing arrangement available for Rackspace and to continue its longstanding relationship with the company. He added that Comerica Bank continued to believe that Rackspace had built a successful business and was an ever-growing force in the managed hosting industry.
Lanham Napier, president of Rackspace, said that the company was pleased to continue its banking relationship with Comerica and receive this line of credit, which would be invaluable to Rackspace as it continued to gain market share. He added that Comerica had been with Rackspace since the beginning and was continuing to grow as Rackspace grew.
