Egis Capital Partners and ABS Capital Partners have acquired a majority stake in ClearObject, an IoT systems integration provider for asset and data intensive industries. No financial terms were disclosed. In conjunction with the funding, E. Perot Bissell and Bill Polk, managing partners at Egis as well as Phil Clough and Ralph Terkowitz, general partners at ABS Capital, will join ClearObject’s board of directors.
SUMMIT, N.J. (PRWEB) JANUARY 17, 2019
Today Egis Capital Partners (“Egis”) and ABS Capital Partners (“ABS Capital”) announced they have acquired a majority interest in ClearObject, a leading IoT systems integration provider for asset and data intensive industries. The acquisition was sourced by Egis, a leading private equity firm, and is consistent with Egis’ strategy to invest in technology-enabled businesses that utilize security infrastructure to drive operational efficiency. ABS Capital, a leading growth equity firm, co-led the funding. E. Perot Bissell and Bill Polk, managing partners at Egis, as well as Phil Clough and Ralph Terkowitz, general partners at ABS Capital, will join ClearObject’s board of directors as a result of the transaction.
Founded in 2010 and based in the Midwest, ClearObject designs, develops, deploys and manages connected solutions and data-driven digital products. The partnership will enable the company to better serve its existing customer base as well as grow and expand its IoT leadership around the globe. Company headquarters will remain in Fishers, Ind. and the management team will continue to be led by CEO John McDonald. Mike Reffeitt, who previously held the role of Chief Business Officer, has been named President of ClearObject and will assume all financial, personnel, and delivery functions of the company while overseeing day-to-day operations.
“Egis has a long track record building enterprise businesses that improve operating advantages by taking existing infrastructure and using the data derived from those assets,” said E. Perot Bissell, managing partner at Egis. “ClearObject is uniquely positioned to play an important role in the creation and delivery of scalable cloud-based IoT solutions. Based on ClearObject’s experience developing and maintaining cloud-based tools and its success creating high-value IoT products, we are confident the management team led by McDonald and Reffeitt can continue to accelerate growth. We look forward to providing the financial and strategic resources to facilitate this transformative opportunity in the data-driven economy.”
“Partnering with us is a testament to the growth and strength of the IoT space and the digital economy,” said John McDonald, CEO of ClearObject. “We deliver the data-driven digital products that our customers —some of the world’s biggest and best companies — need to survive and thrive in today’s technologically advanced society. This partnership means that ClearObject can pursue growth opportunities that allow us to serve our customers better and with the speed required of our economy today.”
Needham & Company served as exclusive financial advisor to ClearObject in this transaction.
About Egis Capital Partners
Egis Capital Partners makes control-oriented buyout and growth investments in technology-driven businesses in the Security and Protection industry. Since 2008, Egis has made 14 platform investments in the industry. Egis is focused on partnering with companies that can benefit from Egis’ industry knowledge, operational and financial expertise, C-level relationships, and proactive ownership model. Egis targets companies in North America with enterprise values ranging between $30 million and $200 million that require a total equity investment between $10 million and $80 million.
For additional information, visit http://www.egiscapitalpartners.com/
About ABS Capital Partners
For nearly 30 years, ABS Capital has been investing in later-stage growth companies, helping CEOs capitalize on new opportunities and navigate unforeseen obstacles – while never losing sight of the ultimate goal of achieving lasting excellence. Our partners have decades of experience as C-level executives, investment bankers, and investors in the industries in which we invest: business and tech-enabled services and health care. This combination of experience and expertise means we have a laser-focus on the specific needs growth companies face as they look to get to the next level. By helping to transform over 125 companies through their most important stage of development, ABS Capital continues to help unleash the potential for lasting growth. ABS Capital Partners. Here, we grow. http://www.abscapital.com
ClearObject is an IoT systems integrator helping the world’s best companies connect their bold ideas to the Internet of Things. We bring our years of experience, our team of experts and our coalition of leading partners together to make your IoT solutions a reality. For more information, visit http://www.clearobject.com