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Clearlake Capital to Acquire ConvergeOne
|By Business Wire
|May 14, 2014 07:01 AM EDT
Clearlake Capital Group, L.P. (together with its affiliates,
“Clearlake”) today announced that it has reached a definitive agreement
to acquire ConvergeOne (the “Company”), a leading independent provider
of innovative communications solutions and managed services to
Headquartered in Eagan, MN, ConvergeOne offers one source for
comprehensive multivendor solutions – from initial design and
implementation through ongoing consulting, technical support, and
managed services across the spectrum of IT, contact center solutions,
and unified communications. ConvergeOne maintains strategic
relationships with global solution leaders, including Avaya, Cisco
Systems, IBM, Interactive Intelligence and Microsoft. ConvergeOne has
more than 4,100 customers, including 46 percent of the Fortune 100
companies, operating in virtually every industry, including the
financial, technology/communications, healthcare, and energy sectors.
“We are excited to partner with the talented management team of
ConvergeOne as we make a significant investment in the Company,” said
Behdad Eghbali, a Founding Partner of Clearlake. “With its long-standing
reputation for exceptional technology solutions, service delivery,
customer focus, and innovative managed services, coupled with
Clearlake’s capital resources and operational capabilities, we believe
the Company is well positioned to accelerate growth and build
“We have enjoyed a great partnership with Genstar,” said John McKenna,
CEO of ConvergeOne. “We look forward to partnering with Clearlake to
continue to differentiate the Company by focusing on managed services
and innovative technology solutions. Clearlake’s proven track record and
substantial resources will be instrumental in adding lasting value to
our business. It is very exciting for us that Clearlake shares our
vision for accelerating growth and is investing in our strategy.”
“ConvergeOne has long been recognized by its partners for transforming
the latest innovations into meaningful business productivity for its
customers. We believe the Company is well-positioned to address
significant market trends, including the increasing complexity of
communications systems and customer requirements for a value-added
solutions provider,” added Prashant Mehrotra and James Pade of Clearlake.
Along with Mr. McKenna, Messrs. Eghbali, Mehrotra and Pade of Clearlake
will join the Company’s Board of Directors.
BMO Capital Markets and Credit Suisse served as financial advisors to
Clearlake. William Blair & Co. acted as financial advisor to
ConvergeOne. Credit Suisse and BMO Capital Markets have provided
committed debt financing backing Clearlake’s acquisition of the Company.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on
special situations and private equity investments such as corporate
divestitures, recapitalizations, buyouts, reorganizations, and other
equity investments. Clearlake seeks to partner with world-class
management teams by providing patient, long-term capital and operational
expertise to invest in dynamic businesses. Clearlake currently manages
approximately $1.4 billion of equity capital, and Clearlake’s founding
principals have led over 70 investments totaling more than $3 billion of
capital in sectors including business services, communication, consumer
products/retail, defense/public safety, energy/power, healthcare,
industrials, media, software and technology. For more information,
please visit www.clearlakecapital.com.
ConvergeOne, headquartered in Eagan, MN, is a leading independent
provider of data, communications, collaboration, and customer
interaction solutions and managed services. The Company provides
essential consulting and project management services related to custom
design, installation, implementation, maintenance, and managed services
of best-in-class data and communication solutions. ConvergeOne offers a
“one-stop” destination for its broad spectrum of valued customer
relationships, providing in-depth technical expertise and total solution
focus. Custom services include converged networks and unified
communication solutions, call centers, system design, implementation,
integration, maintenance, data storage and archiving, and other managed
services, primarily for mid-sized and enterprise businesses. For more
information, please visit www.converge-one.com.
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