Cove Hill Partners will make an investment in Austin-based SecureLink, a provider of vendor privileged access management solutions. No financial terms were disclosed. As a result of this transaction, Cove Hill will become SecureLink’s majority owner while Vista Equity Partners will maintain a minority stake in the company.
AUSTIN, Texas, Sept. 08, 2020 (GLOBE NEWSWIRE) — SecureLink, the leader in vendor privileged access management (VPAM), today announced that it will receive a strategic investment from Cove Hill Partners (“Cove Hill”) to propel the company into its next phase of growth. Upon closing, Cove Hill will become SecureLink’s majority owners, with Vista Equity Partners (“Vista”) maintaining a minority stake in the company.
“In today’s digital economy, data and network security is a primary concern for every organization across all sectors. Our VPAM solutions are an essential part of our customers’ security infrastructure, and we have tremendous opportunity to further expand our presence in the market,” said Joe Devine, CEO of SecureLink. “We are thrilled to welcome Cove Hill and to continue working with the Vista team as we look to accelerate our growth and further advance product innovation. This investment is a recognition of our entire team’s fierce dedication to providing valuable solutions and services that keep our customers’ networks secure.”
The investment from Cove Hill will position SecureLink to continue its rapid growth trajectory and leadership in the third-party remote access space. Since 2017, when SecureLink first partnered with Vista, the company has nearly tripled its revenue, earning it a place on the Inc. 5000 list of the U.S.’s fastest-growing privately-owned companies three years in a row. During that same period, SecureLink has maintained its strong culture, recently being recognized with a Glassdoor Employees’ Choice Award.
“Cove Hill is excited to partner with the SecureLink management team and Vista for the next phase of growth. SecureLink’s cutting edge VPAM solutions already enable thousands of companies to facilitate mission-critical work with vendor partners while safeguarding data and network security, the combination of which are critical in the modern digital economy,” said Justin Roberts, Co-Founder, and Partner at Cove Hill. “We believe our investment will allow SecureLink to deliver continued product innovation and world-class service to its customer base while fueling significant future growth.”
“We originally invested in SecureLink because we recognized the value of its products, believed in the mission of its founders and leadership team, and saw an opportunity to expand the company’s position in the market,” said Rene Yang Stewart, Co-Head of Vista’s Endeavor strategy, focused on scaling high- growth enterprise software companies. “We look forward to partnering with SecureLink and Cove Hill during this next phase of growth.”
Raymond James served as financial advisor and Kirkland & Ellis LLP served as legal advisor to SecureLink and Vista Equity Partners. Shea & Company and Choate, Hall & Stewart LLP acted as financial and legal advisors respectively to Cove Hill Partners.
SecureLink is the leader in managing vendor privileged access and remote support for both highly regulated enterprise organizations and technology vendors. SecureLink serves more than 30,000 organizations worldwide. World-class companies across multiple industries including healthcare, financial services, legal, gaming, and retail rely on SecureLink’s secure, purpose-built platform. SecureLink is headquartered in Austin, Texas.
About Cove Hill Partners
Cove Hill Partners is a long-term oriented private equity firm focused on partnering with outstanding management teams to build market-leading technology and consumer companies. The firm manages long-duration funds with over $2.5 billion of commitments from its investors and founders. The firm was founded in 2017 by seasoned private equity investors to invest their personal capital alongside a small group of like-minded investors. Based in Boston, Cove Hill has an innovative structure that provides the flexibility to enable a patient, concentrated, and value-add approach in a small portfolio of long-term investments. More information about Cove Hill Partners can be found at www.covehillpartners.com.
About Vista Equity Partners
Vista is a leading global investment firm with more than $58 billion in cumulative capital commitments. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, credit, public equity and permanent capital strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at www.vistaequitypartners.com. Follow Vista on LinkedIn @Vista Equity Partners.