Praesidian Capital has provided $6.9 million in debt financing to support Cohere Communications‘ buy of Another 9. Based in Tarrytown, NY, Another 9 is a cloud solutions provider.
NEW YORK – October 20, 2014 – Praesidian Capital (“the Firm”), a leading provider of senior and subordinated debt for small and mid-sized companies, announced today it provided $6.9 million in senior debt and also provided growth capital to support Cohere Communications, LLC’s acquisition of Another 9, LLC.
Cohere provides managed cloud, Voice-over-Internet Protocol (VoIP) and IT services to more than 200 customers globally. Its customers are primarily financial and media firms where the stability of Cohere’s network and superior customer service are most valued. Another 9 provides comparable, complex telecommunications services to more than 300 small and mid-sized businesses and specializes in secure, multi-site and high availability hosted solutions. Both businesses are located in the New York metropolitan area.
“In this acquisition, we saw a company with a shared focus, commitment and expertise in addressing complex technologies,” said Steven Francesco, CEO of Cohere. “The combination of the two companies offers new opportunities for serving our clients more effectively. We look forward to working with Praesidian Capital as we use our joint capabilities to become a full-solution IT service provider.”
Glenn Harrison, Partner of Praesidian Capital, added that “we are glad to partner with Steve Francesco and help him to execute his long-term vision for Cohere. We see the combination of these businesses as a focused, unified approach to telecomm and IT service solutions, and we welcome Cohere to Praesidian’s growing group of IT-related businesses.”
About Cohere Communications, LLC
Since 2004, Cohere Communications has continuously provided services to some of the most recognized corporate icons in the financial and media sectors. Headquartered in New York City, the company maintains a presence in Canada through its satellite office and data center in Toronto, ON. Employing a private IP network “fabric”, Cohere integrates the latest Cloud-Based technologies with diligent planning and design. Cohere maintains facilities in strategically located data centers throughout North America. Since its inception, the firm has been customer service centric, enabling its clients to stay ahead of the competitive landscape. For more information, visit www.coherecomm.com.
About Another 9, LLC
Another 9 assists corporations and organizations to advance business uptime through specialist Infrastructure-as-a-Service (IaaS) and Disaster Recovery-as-a-Service (DRaaS) services. Based in Tarrytown, NY, the company’s Cloud Service Platform properly addresses and conforms to two vital requirements; compliance and security, and is used by a cross-section of business verticals. The company’s clients include commercial banks, hedge funds and private equity partnerships, insurance companies, legal firms, utilities, healthcare, consumer products, B2B commerce as well as public sector entities and non-profit organizations.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established, small and mid-sized companies often in connection with management buyouts, recapitalizations and refinancings. Based in New York City with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.