Hedge fund manager Elliott Management Corp’s private equity affiliate Evergreen Coast Capital has made an undisclosed investment in ASG Technologies. Credit Suisse and SunTrust Robinson Humphrey served as lead financial advisers to Evergreen Coast Capital on the transaction. Based in Naples, Florida, ASG is a provider of enterprise IT software.
MENLO PARK, Calif.–(BUSINESS WIRE)–Elliott Management Corporation, led by its Menlo Park affiliate Evergreen Coast Capital, today announced that they have completed a strategic investment into ASG Technologies, the Naples, Florida-based enterprise IT software company with leading products in content management, systems management, workspaces and enterprise data intelligence. Elliott intends to invest additional capital in ASG going forward to support the company’s ongoing organic growth strategy and to bolster growth through acquisitions.
Today’s enterprises are facing a complicated set of challenges when it comes to both understanding and optimizing the information that flows throughout their organizations. ASG Technologies provides the software solutions businesses need to overcome these challenges by enabling streamlined information management, access and control. More than 70 percent of the global Fortune 500 companies trust ASG to run, manage and optimize their IT investments. ASG has more than 4,000 customers today and employs over 1,000 people across 40 offices globally.
“As corporate IT environments and the IT organizations that support them continue to become more complex, ASG addresses the needs of our customers by extending the life of prior IT investments while bringing new insights through next generation technologies,” said Charles Sansbury, CEO of ASG Technologies. “We are excited to partner with Elliott and GSO, two firms that have long track records of investing in technology businesses, to accelerate the growth of our organization and to deliver value to customers and to partners.”
“ASG’s leadership has transformed the business into a leading global software provider with exciting growth investments in its product lines. This will be our second stint investing behind Charles who helped lead The Attachmate Group. We are enthusiastic about the prospects of investing more capital in ASG to grow the business,” said Jesse Cohn, Senior Portfolio Manager of Elliott. “The IT landscape is going through tremendous changes, and the ability to partner with seasoned and accomplished executives in a platform that helps IT customers manage those changes puts us in a terrific position as investors.”
“We have invested in many infrastructure software businesses over the years and in ASG, we saw a unique platform opportunity to partner with a world-class management team to grow the business both organically through product and sales investment as well as through transformative acquisitions. We are excited to work with the ASG team and GSO to drive this next stage of growth,” said Isaac Kim, Managing Director of Evergreen Coast Capital.
“We are thrilled to be bringing an insightful, capable and well capitalized equity partner into the ownership group to continue to build upon the tremendous momentum that the executive management team has created at ASG,” said Brad Colman, Managing Director of GSO Capital Partners and board member of ASG.
Credit Suisse and SunTrust Robinson Humphrey acted as lead financial advisors to Evergreen Coast Capital.
About ASG Technologies
ASG Technologies Group, Inc. brings peace of mind to every enterprise with information access, management and control for our customers. These solutions empower businesses to enhance workforce productivity, gain an accurate and timely understanding of the information that underpins business decisions and address compliance needs with improved visibility of cross-platform data from legacy to leading edge environments. More than 70 percent of global Fortune 500 companies trust ASG Technologies to optimize their IT investments. ASG Technologies is a global provider of technology solutions with more than 1,000 people supporting more than 4,000 midmarket and enterprise customers around the world. For more information, visit www.asg.com.
Elliott Management Corporation manages two multi-strategy hedge funds which combined have approximately $32 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977 making it one of the oldest hedge funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of funds, high net worth individuals and families, and employees of the firm. This investment is being led out of Evergreen Coast Capital, Elliott’s Menlo Park affiliate, which focuses on technology investing.