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Press Release Summary

The New Financing is comprised of a $27.5 Million debt capital facility from Crestline Investors and an additional $8 Million equity capital from Layer 7 Capital, proceeds of which will be used to refinance the current J.P Morgan Chase credit facility and provide growth capital for the company’s next stage of growth.

Press Release

Performive, formerly Total Server Solutions (“TSS” or the “Company”), today announced the closing of a $27.5 million credit facility provided by Crestline Investors, a Ft. Worth-based specialty finance lender, and a $8 million Series B equity facility from Layer 7 Capital LLC (“Layer 7”), a boutique merchant bank based in White Plains, NY focused on the cloud computing sector. Combined with Layer 7’s initial Series A investment, Layer 7 has now invested $15 million of equity capital into the Company. Since the closing of the Series A financing in December 2017, the Company has successfully acquired and integrated operations of Zero Lag, a managed e-commerce specialist based in Los Angeles, CA, and NationalNet, a managed hosting service provider based in Atlanta, GA. The proceeds from the financing’s will be used to refinance the Company’s existing credit facility from J.P. Morgan Chase and to provide expansion capital for the Company’s future growth. Layer 7 Capital acted as the Company’s exclusive placement agent for the debt capital raise and DLA Piper provided the company with legal representation.

“We have covered a lot of ground with acquiring and integrating two great companies since Layer 7’s initial investment, more than doubling our geographic footprint, tripling the talent on the team, and completing our base platform layer which provides capacity and automation for rapid growth around the globe,” said Gary Simat, CEO of Performive. “We will continue executing on our focus on helping mid-market companies with their digital transformation initiatives in ways that best fit their goals, be it over our global cloud and bare metal platform, which resides directly on internet exchange points within major markets, commodity cloud providers such as AWS, Azure, and GCP, or emerging edge solutions partners.”

“We are very pleased to be working alongside Performive at this major milestone for the Company,” said Steve Lee, Managing Director of Layer 7 Capital. “We believe that Performive is well-positioned in its evolution as a hybrid edge computing solutions provider and we look forward to continuing our exciting journey together.”

“We are excited to work with the Performive team to provide capital to assist them in further developing their leading cloud solutions,” said Will Palmer, Managing Director at Crestline Investors. “Data infrastructure is a key area of specialization for Crestline, and we are excited to use this knowledge to help support Performive’s continued growth.”