Force 3 lands $27.5 million in financing
- By Patience Wait
- Nov 12, 2003
Force 3 Inc. has secured a $27.5 million revolving credit facility from Transamerica Distribution Finance Corp. to fund an expansion and working capital needs, the company announced Tuesday.
Force 3 specializes in designing and integrating networks for federal agencies and providing related engineering and consulting services. The revolving credit facility will increase the company's capacity to support bigger sales and promote growth. The loan is secured by the company's assets and accounts receivable.
"Force 3 has achieved 65 percent growth over the past two years because of our focus on health care within the military medical environment and, specifically, with our expertise in providing [Health Insurance Portability and Accountability Act] consulting services," said Rocky Cintron, president and chief executive officer.
Force 3 also is eligible for Transamerica's major accounts program, a purchase order-funding service that offers an additional line of credit to increase its working capital.
Based in Crofton, Md., Force 3 reported 2002 revenue of $145 million and 149 employees. The company was ranked No. 62 on Washington Technology's 2003 Top 100 list.