April 9, 2007 -- IKANO Communications, a Salt Lake City-based retail and private-label Internet services firm, has secured $22.5 million of debt financing from Hercules Technology Growth Capital, the company announced this week.

According to Sam Bhaumik, senior managing director of Hercules, Ikano's private-label platform and significant growth figures in the last few years made the company an attractive investment.

"This funding will support our recent acquisitions and allow Ikano to continue to provide world class reliability and customer support to our partners and over 500,000 subscribers nationwide," Ikano CEO George Naspo said in a statement.

Ikano Communications ranked No. 132 on the 2004 Inc. 500 list of the nation's fastest-growing private companies.

- next -

Published on: Apr 9, 2007