Austin software firm set to grow after securing additional capital

Jan 13, 2014
Austin Business Journal

Software maker Volusion Inc. has completed a $35 million debt financing to expand its business


The Austin-based company disclosed Monday it collected the line of credit from Silicon Valley Bank to speed up improvement of its software platform and fund the hiring of additional workers


Volusion, founded in 1999, develops shopping cart software for online stores. The company employs 450 workers, but plans to increase that number to 600 by the end of 2014, executives have said


In September, CEO Clay Olivier said Volusion was expanding its business model from small- and mid-sized businesses to the enterprise market. It planned to target more customers with up to $100 million in annual sales versus the existing business of $5 million customers


At the time, Olivier said the company planned to roll out its latest product, known as Mozu, this month


Volusion ranks No. 3 in the Austin Business Journal’s list of the best companies to work for that have more than 250 employees


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