Secure-24 Attracts Investment from Pamlico Capital
SOUTHFIELD — Charlotte, N.C.-based Pamlico Capital has made what’s described as a “growth equity investment” in the Southfield managed services provider Secure-24 Inc.
Detailed terms of the transaction weren’t immediately released. But the company said Volker Straub and Matthias Horch, German nationals who started the company in 2001, 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 also included HarbourVest Partners of Boston.
Secure-24 offers application hosting and cloud services with a focus on ERP applications from SAP and Oracle. It moved to a 50,000-square-foot headquarters in Southfield earlier this year and is hiring tech staff.
Secure-24 also said it had recruited industry veteran Michael Jennings to join the Secure-24 management team. Jennings was co-founder and CTO of Fremont, Calif.-based 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.
Secure-24 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.
More at www.secure-24.com.
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 currently manages over $2 billion in committed capital.
More at www.pamlicocapital.com.