Puppet Labs,
the leading provider of IT automation software, is starting the year
with three announcements to fuel continued growth in 2016 and beyond.
Today the company has announced that it has secured a $22 million credit
facility from Silicon Valley Bank, appointed Lou Lavigne, former
Genentech Chief Financial Officer, to its board of directors and audit
committee chair, and executed a lease expansion that will add 37,500
square feet to its corporate headquarters in Portland, OR in 2018.
"Puppet Labs helps some of the biggest and most innovative
companies navigate the constant changes in the world of infrastructure
and applications," said Luke Kanies, founder and CEO of Puppet Labs.
"We're still in the early stages of cloud and software. Puppet Labs is
uniquely positioned to capitalize on that constant change, by delivering
solutions that help our customers make technology a core competency and
build and ship better software."
Credit facility
To promote its continued growth and market expansion,
Puppet Labs has secured a $22 million credit facility from Silicon
Valley Bank. The availability of additional capital will enable Puppet
Labs to meet its aggressive growth targets while maximizing its unique
opportunity to continuing changing the way IT is provisioned, managed
and deployed.
Lou Lavigne Board Appointment
Puppet Labs has appointed Lou Lavigne to its board of
directors where he will serve as Chairman of the Audit Committee. Lou is
a well-known and respected business and board leader with extensive
experience in corporate finance, accounting, growth strategy and
business management. Lou spent 23 years at Genentech where he served as
Chief Financial Officer from 1988-2005 and was responsible for its
Financial, Corporate Relations, and Information Technology groups, and
was a member of its Executive Committee. Lou also serves on the Board of
Directors and is the Chairman of the Audit committee for Zynga Inc. and
DocuSign, Inc. Previously he was Audit Committee Chairman of BMC
Software, Equinix, and SafeNet.
Lou has won several awards for his work as Genentech's CEO,
including the Bay Area CFO of the Year-Hall of Fame-Lifetime Achievement
Award. Lou's appointment follows other recent appointments to Puppet
Labs' board including Jennifer Tejada and Gerri Elliott.
"Puppet Labs has a fantastic business with strong growth and
an expanding customer base," said Lou Lavigne. "Its solution solves a
real business challenge, and its customers love using it. I welcome the
opportunity to work with my fellow board members to leverage Puppet
Labs' unique strengths so it can capitalize on this market opportunity."
Headquarters Expansion
Puppet Labs also signed a new lease agreement with
Block 300 (located at 308 SW Second Avenue in Portland) that will add
37,500 square feet its corporate headquarters in 2018, 50 percent more
space than its existing 75,000 square feet. This new lease will enable
Puppet Labs to continue its employment growth in Portland as it expands
in order to meet sustained high demand for its industry leading
software. Puppet Labs was represented by Craig Reinhart, managing
principal of JLL Portland.