NEW ORLEANS--(BUSINESS WIRE)--Thermo Credit, LLC announced that it extended a $1,150,000 line of credit to Digerati Technologies, Inc. (“Digerati”).
Thermo Credit was able to utilize its flexible funding solutions and offer a combined financing structure in order for Digerati to complete the first of a series of acquisitions. The facility includes a $500,000 revolving line of credit as well as a $650,000 term note.
Digerati is a Texas-based provider of technology and communications services to small, medium, and enterprise businesses nationwide. Digerati used the financing provided by Thermo Credit to complete the acquisition of T3 Communications, Inc. (“T3”), a leading provider of cloud communications and broadband solutions in Southwest Florida.
Thermo’s Executive Vice President Seth Block commented, “Thermo is pleased to be able to help Digerati accomplish its business goals by providing a revolving line of credit as well as a term note. This structure is a fit based on the company’s cash flow, strong collateral base and seasoned management. We feel that this acquisition greatly improves the company and we look forward to working with Art and his team on future acquisitions.”
Digerati’s CEO Art Smith stated, “We are pleased that the best financing solution turned out to be a trusted funding source that we have worked with for many years and knows our industry. Seth and his team took a very hands-on approach and rolled up their sleeves to assist us with getting this key transaction funded and closed. We look forward to continue working with Thermo Credit on future transactions.”
About Thermo Credit, LLC
Thermo Credit is a privately held funding company that provides asset based loans, accounts receivable financing and factoring services primarily to the communications industry. Thermo Credit serves established, well-run companies that need capital to expand their business, improve their operations or fund an acquisition. For more information, visit www.thermocredit.com or contact Seth Block at 504-620-3101.
About Digerati Technologies Inc.
Digerati is a publicly-traded holding company, with a track record of launching and managing successful subsidiary operations and is a multi-year recipient of Deloitte’s Fast500 and Fast50 Awards, for recognition as one of the fastest growing technology companies in North America. Through its subsidiaries, Synergy Telecom and T3 Communications, the Company is meeting the global needs of businesses seeking simple, flexible, efficient, and cost-effective communication and network solutions, including cloud PBX, Internet broadband, SD-WAN, SIP trunking, and customized VoIP services, all delivered on its carrier-grade network. Former subsidiaries have included ATSI Communications, Inc., an international telecommunications operator serving emerging markets throughout Mexico and Latin America, as well as GlobalSCAPE, Inc., an Internet software company trading on the NYSE that specializes in secure file transfer through its popular utility, CuteFTP. For more information about Digerati Technologies, please visit www.digerati-inc.com.