Square 1 Bank, the rapidly growing financial institution focused on the venture capital industry, has selected Hosted Solutions to provide a variety of hosting and other data services.

Terms of the contract, which covers three years, were not disclosed.

Square 1 is based in Durham and has offices around the U.S. The bank provides loans and other services to VC firms and related companies.

“With redesigning our entire network IT infrastructure, we needed a secure place to centralize our applications,” said Don Sturdivant, chief technology officer at Square 1.

“Hosted Solutions SAS 70 Type II certified Raleigh Data Center provided the facility that we had been looking for, and we are confident their expert staff can manage and handle the scalability needed for our rapid growth,” he added. “Hosted Solutions enterprise solution will aid us in continuing to satisfy an ever-increasing customer demand for service convenience and product quality.”

SAS 70 Type II is a certification and auditing process.

Hosted Solutions will provide Square 1 with dedicated servers, managed backups, storage area network service, monitoring, security and network connectivity as well as application infrastructure and disaster recovery.

“By reducing Square 1’s costs and risk by optimizing their daily IT operations, we are able to partner with Square 1 to help maximize their relationships with both their internal employees and external customers,” said Rich Lee, Hosted Solutions’ chief executive officer.