Great Hill Partners has acquired a majority stake in cloud services company Evolve IP. No financial terms were disclosed.
WAYNE, Pa., June 8, 2016 /PRNewswire/ — Evolve IP, The Cloud Services Company™, today announced that it has closed its majority investment from Great Hill Partners, a leading middle-market growth-oriented private equity firm. Since launching in 2007, Evolve IP has been one of the nation’s fastest growing cloud services companies providing organizations with a unified option for cloud computing and cloud communications services. Terms of the transaction were not disclosed.
“We are very pleased to announce the closing of the transaction today and look forward to working with Great Hill Partners going forward,” said Thomas J. Gravina, Chairman, CEO and Co-Founder of Evolve IP.
ABOUT EVOLVE IP
Evolve IP is The Cloud Services Company™. Designed from the beginning to provide organizations with a unified option for cloud services, Evolve IP enables decision-makers to migrate all or select IT technologies to its award-winning cloud platform. Evolve IP’s combination of security, stability, scalability, and lower total cost of ownership is fundamentally superior to outdated legacy systems and other cloud offerings. Today the company’s services, including virtual servers, virtual desktops, disaster recovery, unified communications, contact centers and more, are deployed by more than 1,300 commercial business accounts with a combined 104,000+ users, licensed seats and managed end points. Visit www.EvolveIP.net for more information.
About Great Hill Partners
Great Hill Partners is a private equity firm that has raised $3.8 billion to finance the expansion, recapitalization, or acquisition of companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $150 million. For more information, please visit www.greathillpartners.com.