Oak Hill Capital Partners to Acquire Intermedia, Global Leader in Cloud Services
26 Maggio 2011 - 4:14PM
Marketwired
Oak Hill Capital Partners, a leading private equity firm, has
entered into a definitive agreement to acquire Intermedia.net, Inc.
("Intermedia" or the "Company"), a global leader in cloud services
founded by technology entrepreneur Michael Choupak. In conjunction
with the transaction, Oak Hill Capital also announced that Phil
Koen, former CEO of Savvis, Inc., will join Intermedia as Chairman
and Chief Executive Officer. The terms of the transaction were not
disclosed.
Since its founding in 1995, Intermedia has been a pioneer in
offering secure and reliable cloud-based business-class email, and
today is the largest third-party provider of these services to
small and mid-sized businesses in the U.S. The company has
continued to innovate and expand its cloud service offerings,
growing its user base at an annual compounded rate of 31% over the
last four years. As of April 30, 2011, the company manages an
industry-leading 320,000 premium Microsoft hosted Exchange
mailboxes. It distributes its suite of services to 38,000 business
customers directly and through its 6,800 global channel
partners.
"We are proud to have built this company from a startup to a
profitable, major player in the IT hosting industry, with no
outside investments. We are now the leading independent provider in
a rapidly growing market," said Mr. Choupak, the founder and
majority shareholder of Intermedia. "It is very exciting to see
Intermedia take this important step to the next level as it aligns
itself with great partners to drive further growth."
Intermedia will continue investing heavily in high-quality 24x7
support, complimentary migration to the cloud, innovative and
easy-to-use technology, and always-on operations. The company
offers customers a full-service experience that has driven its
growth and distinguished it from "do-it-yourself" competitors.
Intermedia also plans to further expand its breadth of cloud-based
services through new product introductions and acquisitions.
Intermedia's proprietary HostPilot® Control Panel is the
cloud-based management platform of choice for small and mid-sized
businesses, and the channel partners that serve them, looking to
access a full suite of cloud-based products such as Microsoft's
Exchange, Office Communications Server, and SharePoint, as well as
other Intermedia services such as hosted PBX, archiving, security,
backup, mobility options, and more.
"Intermedia has a phenomenal record of execution and industry
leadership, and I am delighted to join in leading the company
forward," said Mr. Koen. "As a pioneer and now significant player
in cloud-based IT services, Intermedia has tremendous potential for
further growth by delivering more cost-effective solutions to
companies whose on-premise IT is moving to the cloud. We intend to
build Intermedia into a leading provider of a broad suite of cloud
services to SMBs and the channels that serve them, with Microsoft
Exchange email as the core service."
Mr. Koen has significant leadership experience in the datacenter
industry and is a pioneer in its transition to cloud services.
Previously, he was CEO of Savvis (NASDAQ: SVVS), a leader in
managed hosting, cloud computing, colocation, network connectivity,
and IT consulting, from 2006 to 2010. Prior to that, he served as
President and COO of Equinix (NASDAQ: EQIX), a provider of
network-neutral datacenters and Internet exchange services, from
2002 to 2006. He currently serves on the Board of Directors for
Infinera Corp (NASDAQ: INFN), ViaWest, Proofpoint and Vette
Corp.
Robert Morse, a Partner at Oak Hill Capital, said, "We are still
in the early stages of a dramatic shift in IT from the corporate
premise to the cloud, and Intermedia is in an ideal position to
accelerate this shift. We look forward to working with Phil Koen
and the rest of the management team to drive Intermedia's next
stage of growth."
"Oak Hill Capital and Phil Koen are the perfect partners to help
Intermedia realize its full potential, given the combination of
their strong capital base, deep industry knowledge, and history of
successfully growing companies like ours," said Serguei Sofinski,
outgoing Intermedia CEO and shareholder. "Intermedia is
well-positioned to be the premier provider of cloud services given
the full-service experience we have developed for our customers -
and the proprietary cloud infrastructure and tools we use to
deliver it."
The transaction is expected to close during the second quarter
of 2011. Stifel Nicolaus Wiesel is acting as exclusive financial
advisor to Intermedia, and Feinberg Law Group, LLC is serving as
legal counsel. Wilson Sonsini Goodrich & Rosati is serving as
legal counsel to Oak Hill Capital. Sullivan & Cromwell LLP is
serving as legal counsel to Michael Choupak, Intermedia's largest
shareholder.
About Intermedia Intermedia is the premier
provider of cloud services to small and mid-sized businesses.
Delivered from Intermedia's secure datacenters, these services
include hosted Microsoft Exchange email, VoIP telephony, instant
messaging, file management, security, backup, support for the full
range of smartphones and tablets, and more. The company's
proprietary cloud infrastructure assures high reliability, and a
certified support team is available around the clock. Intermedia
also empowers thousands of partners - including managed service
providers and select Fortune 500 companies -- to sell cloud
services under their own brand. Founded in 1995, Intermedia was the
first company to offer business-class cloud email and now has
320,000 premium hosted Exchange mailboxes under management, more
than any other provider. Visit www.intermedia.net for more
information.
About Oak Hill Capital Partners Oak Hill
Capital Partners is a private equity firm with more than $8.0
billion of committed capital from leading entrepreneurs,
endowments, foundations, corporations, pension funds and global
financial institutions. Robert M. Bass is the lead investor. Over a
period of more than 24 years, the professionals at Oak Hill Capital
Partners and its predecessors have invested in more than 60
significant private equity transactions. Oak Hill Capital Partners
is one of several Oak Hill partnerships, each of which has a
dedicated and independent management team. For more information
about Oak Hill Capital Partners, please visit
www.oakhillcapital.com.
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Intermedia Media Contact: Cynthia Greenberg
cgreenberg@intermedia.net (646) 225-9473 Oak Hill Capital
Partners Media Contacts: Lin-Hua Wu Lin-wu@kekst.com (415)
684-9418 or Sofia Mata-Leclerc Sofia-mata@kekst.com (415)
684-9419
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