M/C Partners has acquired a majority stake in Denovo. No financial terms were disclosed. Media Venture Partners provided financial advice to Denovo on the transaction. In addition to the investment, Denovo has named Marty Snella as CEO. Based in Boston, Denovo is a provider of ERP cloud hosting, consulting and managed solutions.
BOSTON and BOULDER, Colo., April 1, 2015 /PRNewswire/ — Denovo, a leading provider of ERP cloud hosting, consulting and managed services, today announced that M/C Partners, a private equity firm based in Boston, has invested in and acquired a majority interest in Denovo. The financing will enable Denovo to make acquisitions and invest in the development of its cloud and managed services offerings while providing liquidity for its founders. The terms of the transaction were not disclosed.
“We envision Denovo playing a leading role in consolidating ERP consulting, managed services and hosting providers serving small to medium enterprises,” said Gillis Cashman, a managing partner at M/C Partners. “Denovo has built a strong brand in the JD Edwards community and we are excited to partner with Denovo’s founding management team.”
In conjunction with M/C’s investment, Marty Snella is joining Denovo as Chief Executive Officer. Snella has played integral roles in several very successful M/C Partners investments over the past 11 years, including ICG Communications and Zayo Group. “I am very excited to join the Denovo leadership team. Denovo has done a phenomenal job growing its business and developing customer loyalty. This is a tremendous opportunity to build upon their success and continue to grow the business both organically and inorganically,” said Snella.
“We couldn’t be more excited to join forces with M/C Partners. M/C’s expertise in the technology sector and their ability to identify and stay ahead of market disruptions was key for Denovo,” said Mark Goedde, President and COO, Denovo. “We are equally thrilled to have Marty Snella join Denovo as CEO, Marty’s extensive industry knowledge, expertise and valuable insight to market trends will allow Denovo to accelerate our strategies and uniquely positioned us to deliver enterprise applications via multiple cloud solutions, coupled with impeccable customer service.”
Media Venture Partners (MVP) served as the exclusive financial advisor to Denovo in this transaction. MVP is an investment banking firm serving companies in the technology, communications, media and renewable energy sectors with a comprehensive array of services, including merger and acquisition advisory, debt and equity financing, and restructuring advisory.
Established in 2003, Denovo Ventures, LLC is a full-service Enterprise Hosting/Cloud Computing and Professional Services firm with extensive expertise in designing, implementing and supporting enterprise software and hosting/cloud solutions. Denovo delivers enterprise hosting/cloud computing and extensive managed services from their SOC 2 certified data centers located in the United States. As an Oracle Platinum Partner, Denovo’s Professional Services team has over 150 years of Oracle J.D. Edwards and ERP experience and has successfully completed Oracle ERP implementation projects for a wide variety of commercial and public sector clients. The company is headquartered in Niwot, Colorado in the Denver-Boulder technology corridor and serves a worldwide client base from its East, Central, and West regional offices. Visit www.denovo-us.com for additional information.
About M/C Partners
M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology industries. The firm has invested over $1.5 billion into nearly 100 companies in those sectors. Companies M/C has backed include Cavalier Telephone, Fusepoint, GTS Central Europe, ICG Communications, Involta, Legendary Pictures, Lightower, MetroPCS, NuVox, Open Mobile, and Zayo Group. The firm has strong institutional backing from the nation’s leading pension funds and endowments as well as a long track record of success. M/C Partners has offices in Boston and San Francisco. For more information, visit www.mcpartners.com.