|By Business Wire||
|September 26, 2012 06:00 AM EDT||
Secure-24, Inc. (“Secure-24”) and Pamlico Capital announced today that a Pamlico Capital-led investment group has made a growth equity investment in Secure-24, Inc. Secure-24, founded in 2001, is an emerging leader in business critical application hosting and cloud services with a focus on ERP applications from SAP® and Oracle®. The co-founders, Volker Straub and Matthias Horch will retain significant ownership of Secure-24 and will continue to manage the growth of the company in partnership with Pamlico Capital. The investment group included HarbourVest Partners. Detailed terms of the transaction have not been disclosed.
Secure-24 also announces that it has recruited industry veteran Michael Jennings to join the Secure-24 management team. Jennings was co-founder and CTO of Appshop, Inc. a leader in Oracle ERP hosting.
“We are extremely happy to partner with Pamlico because of its track record supporting companies and entrepreneurs as a growth capital provider,” said Matthias Horch, Secure-24 CEO. “Secure-24 has seen tremendous demand for IT infrastructure and application outsourcing services and is poised to continue to grow as companies focus on building strategic partnerships to reduce costs and improve the operation of advanced and complex IT systems. The expertise and resources Pamlico brings to our team will be critical assets to accelerate innovation, growth and market leadership.”
Pamlico Partner Scott Stevens said, “We focus on making equity investments in growing and profitable industry-leading technology companies. Secure-24 has demonstrated all the characteristics we look for; an experienced and highly capable management team, a strong competitive position, an industry-leading technology platform, and a superior service delivery model. Secure-24’s focus on helping companies increase business value through their IT investments provides them the opportunity for impressive growth in the years ahead."
Oppenheimer & Co. Inc. acted as Secure-24’s exclusive financial advisor in connection with the transaction.
Headquartered in the Detroit Metro area, Secure-24 is a privately held company delivering managed IT operations, ERP application hosting and cloud computing services from state-of-the-art data centers in the United States. The company manages complex IT landscapes and business critical applications for mid-market and Fortune 500 organizations that operate globally. Secure-24 supports customers in growing industry segments, including manufacturing, technology, consumer goods, chemicals, financial services, construction, healthcare, pharmaceuticals and transportation. Secure-24 is a SAP Certified Hosting and Cloud Provider with a broad SAP Basis Competency Center, and an Oracle Gold Partner hosting Oracle Enterprise Performance Management (EPM) solutions, such as Oracle E-Business Suite, PeopleSoft, JD Edwards, and Hyperion. For additional information about Secure-24 products and services, visit www.secure-24.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies. Pamlico Capital seeks growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries, which include business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in committed capital. Please refer to www.pamlicocapital.com for additional information.
SAP, SAPPHIRE and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries.
Oracle, Hyperion, JD Edwards, PeopleSoft and Oracle E-Business Suite are registered trademarks of Oracle Corporation and/or its affiliates.
All other product and service names mentioned are the trademarks of their respective companies.