Seacoast Capital has invested $16 million in Pearl River, New York-based On-Net Surveillance Systems, a provider of IP-based video management software and services. Imperial Capital served as financial adviser to OnSSI on the transaction and was the placement agent.
July 11, 2017 – San Francisco, California. Seacoast Capital, a lower middle market non-control equity and debt investor, announced today its initial $16 million growth capital investment in OnSSI (On-Net Surveillance Systems). OnSSI, founded in 2002 and based in Pearl River, New York, is a leading independent provider of IP-based video management software (VMS) and services used to manage video surveillance cameras and other security edge devices.
Seacoast’s first investment in the company will be used to leverage OnSSI’s proprietary technology and reputation to extend product lines into the middle market with an easy to install appliance and to expand the Business Video Intelligence (BVI) business of an affiliate. Given Seacoast’s history of supporting high growth enterprises, it will also provide OnSSI with access to additional working capital over the entire term of its investment, ensuring the company can take advantage of future business initiatives on a global scale while also providing for a conservatively structured and strong balance sheet.
“With our investment in OnSSI, Seacoast was able to partner with a company with an experienced management team; proprietary and differentiated product lines; strong secular growth opportunities; employees who believe in the ongoing high growth potential of the company; and owners that were not only looking for capital, but also a partner to help them grow,” said Tim Fay, a Partner with Seacoast Capital.
“Seacoast truly delivered during our capital raising process,” said Gadi Pran and Mulli Diamant, co-founders of OnSSI. “They did exactly what they said they would during their evaluation process; kept us moving towards achieving the transaction close according to our timeline; and communicated with us all along the way. Given their past experience in the security industry, we look forward to our partnership with Seacoast, as we enter the next stage of growth for OnSSI.”
Imperial Capital acted as the financial advisor and placement agent for OnSSI.
On-Net Surveillance Systems, Inc. (OnSSI) was founded in 2002 with the goal of developing comprehensive and intelligent IP video surveillance management software. OnSSI’s Ocularis IP security and surveillance VMS platform increases security, reduces operational costs, and helps organizations move closer to prevention. Ocularis delivers open architecture, flexibility, and scalability for a range of applications including education, gaming, government, healthcare, manufacturing, public safety, transportation, and utilities. OnSSI is headquartered in Pearl River, New York and has representation in over 100 countries. With its acquisition of Germany-based VMS company, SeeTec GmbH, and the launch of Ocularis 5, OnSSI continues to drive global expansion and technological innovations.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-controlling capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $20 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, shareholder liquidity events, or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 67 non-controlling transactions. With the recent raising of its fourth fund, Seacoast Capital Partners IV, L.P., the firm is now actively seeking new investment opportunities. Learn more by visiting www.seacoastcapital.com.