|By PR Newswire||
|April 2, 2014 08:45 PM EDT||
MENLO PARK, Calif., April 2, 2014 /PRNewswire/ -- Velocity Technology Solutions, Inc. (Velocity), a leader in enterprise cloud application hosting, today announced the completion of its acquisition of Titan Technology Partners (Titan) for approximately $80 million. This transaction is being financed through a combination of additional investment from Velocity's existing investor group—led by Silver Lake Sumeru—and bank funding. Velocity was originally acquired by the investor group in 2012 and has completed three acquisitions in the past year.
Titan is a North Carolina-based cloud hosting and managed services provider for enterprises globally. The acquisition adds significant capability in SAP and Oracle Peoplesoft, while further strengthening Velocity's cloud platform in Oracle's JD Edwards and E-Business Suite and Infor Lawson.
Tom Bruno, CEO of Velocity, said, "Cloud is evolving beyond infrastructure hosting and towards a full spectrum of business management solutions. Titan's wealth of business process and application expertise is a great complement to Velocity's hosting capabilities, advanced cloud management tools, and ground-breaking application usage analytics. We welcome Titan's customers and employees and look forward to providing the combined breadth and depth of services to our collective customers and the marketplace."
The combined company—with global presence across North America, Europe and Asia—has more than 750 employees globally and approximately $150 million in revenues following this transaction.
"Velocity is a market leader in cloud application services and has a strong track record of continuously expanding its product offering and global customer base," said Kyle Ryland, a Managing Director of Silver Lake Sumeru. "We are very pleased to partner with Titan and further enhance Velocity's customer platform and employee base."
Velocity Technology Solutions, Inc. is a leader in enterprise and business application hosting services which are fully-managed and protected within a virtual private cloud. Velocity lowers operational costs, provides world-class customer experiences, and delivers application access at top levels of performance and availability. Velocity's expertise managing software 24/7, combined with its proprietary infrastructure design and cloud management platform, guarantee the availability, security, and control over software. Velocity is the trusted partner for rapidly deploying application software into a secure and resilient virtual private cloud. Velocity is headquartered in New York with facilities in North America, Europe, and Asia. For more information on Velocity, visit www.velocity.cc.
About Silver Lake Sumeru
Silver Lake Sumeru—the middle-market investment group of Silver Lake—is a global leader in private equity investments in middle-market, growth-oriented technology, and technology-enabled companies. The Silver Lake Sumeru team applies fundamental operating insight, deep technology sector expertise, and world-class investing skills to invest in and partner with companies. Silver Lake Sumeru's portfolio includes or has included leading technology companies such as BlackLine Systems, i2, Locaweb, Medseek, Opera Solutions, Power-One, SMART Modular, Talend, and Velocity Technology Solutions. For additional information about Silver Lake Sumeru and its entire portfolio, visit www.silverlake.com.
Silver Lake Sumeru
SOURCE Silver Lake Sumeru