Providea Inc., a Camarillo, Calif.-based provider of video conferencing solutions and managed services, has acquired Quincy, Mass.-based Videré Conferencing Inc. No financial terms were disclosed. Providea is a portfolio company of Westview Capital Partners, following a recap and growth equity investment earlier this year.
Providea, Inc., today announced the acquisition of Boston-based Videré Conferencing, Inc. The acquisition nearly doubles the size and resources of the combined video conferencing company which will operate under the name of Providea Conferencing, LLC.
Providea, Inc. is a leading nationwide provider of comprehensive video conferencing solutions comprised of best-in-class hardware, managed services, network and multipoint conferencing. Videré Conferencing, Inc. offers a full suite of video conferencing, audiovisual and networking solutions with extensive experience in high-definition (HD) video conferencing environments and custom integration. The acquisition of Videré is highly complementary geographically, bringing the combined company to 13 locations across the U.S.
Providea Conferencing’s CEO, Tom Bailey said, “Providea and Videré may have originated on opposite coasts, but we share a similar philosophy toward customer service and our outlook on the significant opportunities in this industry. The combination of our two companies strengthens our nationwide capabilities as well as reinforces our customer support. We look forward to leading the industry in this next phase of video conferencing.”
“The two firms’ capabilities complement each other perfectly, as does the blending of our talented personnel” added Todd Luttinger, President of Providea Conferencing. “Our new company features dozens of veterans in the industry who know how to ensure our customers realize the key benefits of video conferencing through effective HD and multipoint meetings, reduced travel expenses and significant time savings.” Management of Videré will continue to retain a significant ownership stake in the company.
Providea recently announced that WestView Capital Partners had completed a recapitalization and growth equity investment in Providea. WestView’s continued financial involvement will help Providea Conferencing expand its market position through organic initiatives and additional acquisitions.
Providea, Inc. offers a comprehensive suite of video conferencing solutions and managed services including hardware and installation, network services, conference bridging, managed video solutions as well as maintenance and support services. Providea was founded in 1999 by video and network industry veterans with an established track record to meet the growing industry demands for video communication and leverage its extensive videoconferencing and network experience to deliver a complete suite of business quality programs and services. Providea is based in Camarillo, California and more information is available at www.provideasolutions.com.
About Videré Conferencing:
Established in 2002, Videré Conferencing is a leading conferencing solutions provider of integrated, High Definition videoconferencing, audiovisual and networked solutions and services. Leading organizations within financial, legal, technology, professional services, healthcare, entertainment, education and government sectors rely on Videré. Videré is headquartered in Quincy, Massachusetts and more information is available at www.videreconferencing.com
About WestView Capital Partners:
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalization, growth, buyout and consolidation transactions in a wide range of industries including business and healthcare services, IT services, industrial, distribution/logistics, media/publishing and financial services. WestView targets companies with operating profits between $3 million and $15 million with investment sizes ranging from $5 million to $25 million. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com.