Framingham-based GlassHouse Technologies , an IT consulting and services firm, has secured up to $16 million in subordinated, convertible debt financing from the BayStar Capital III Investment Fund, based in California.
The BayStar fund is partnered with Larkspur, Calif.-based LRG Capital Group LLC. Velocity Capital Group and Leader Ventures were co-investors in the transaction.
Glasshouse used an initial $6 million from the fund for its acquisition of Chicago-based server virtualization consulting firm RapidApp. That deal was announced in July.
