Project Spotlight: Jungle Disk Branches Out From Rackspace, San Antonio, TX
Bank SNB’s Regional President of South Texas, Clay Jett, has advised Rackspace US, Inc. on financing solutions for many years. So when talks of separating its secure, cloud back-up services for small businesses into an independent company began, it was natural for Clay and Bank SNB Commercial Banker Oscar Tijerina to explore the deal with the potential buyers and their advisors.
Bank SNB led the senior financing that provided capital for CEO Bret Piatt, CFO Huw Edwards and their team to acquire Jungle Disk from Rackspace. Bank SNB also provides all the sophisticated treasury products and services the company requires to effectively and efficiently manage its cash flow.
Headquartered in San Antonio, Jungle Disk is the only business data backup service to provide Data Threat ProtectionTM. The service is trusted by thousands of legal practices, medical groups, financial firms, and other businesses with critical computer data. Our understanding of the acquisition opportunity, strength in our balance sheet and ability to close quickly were key decision factors for Bret and Huw in selecting Bank SNB as the best financial partner for their long-term growth plans.