WestView Capital Partners has sold CloudWave to Abry Partners. No financial terms were disclosed. Headquartered in Marlborough, Massachusetts, CloudWave is a provider of cloud services and IT infrastructure to hospitals and other healthcare providers.
WestView Capital Partners, a Boston-based growth equity firm, announced today that it has completed the sale of Park Place International, LLC, DBA CloudWave (“CloudWave” or the “Company”) to Abry Partners (“Abry”). WestView led a minority recapitalization and growth investment into CloudWave in April 2014. CloudWave is the leading provider of cloud services and IT infrastructure to hospitals and other healthcare providers with a focus on those utilizing MEDITECH software.
Headquartered in Marlborough, Massachusetts, CloudWave enables hospitals and healthcare organizations to migrate critical IT services like EHR hosting, medical imaging, disaster recovery, analytics, and interoperability to secure, performant, highly available multi-cloud platforms with a range of healthcare-centric managed services. During the course of WestView’s investment, CloudWave transitioned from a systems integrator to a high growth, recurring cloud services business with both private and public cloud capabilities.
“WestView has been a highly supportive partner to CloudWave,” said Erik Littlejohn, president and CEO of CloudWave. “They were instrumental in helping us build our cloud services business and expand our service offering.”
“We are thrilled to have had the opportunity to partner with the CloudWave team,” said Rick Williams, Managing Partner at WestView. “They did a tremendous growing and scaling the Company’s recurring cloud services business while maintaining excellent customer satisfaction and retention.”
Greg Thomas, General Partner at WestView added, “We are proud to have partnered with the CloudWave team, it was gratifying to watch them execute on their vision to become a leading cloud services provider in the healthcare market.”
CloudWave was advised by Covington Associates and Goulston & Storrs.
About CloudWave CloudWave helps hospitals bring public, private, and cloud edge resources together into a single operating environment. Our OpSus Cloud Services deliver managed hosting, disaster recovery, systems management, security, backup, and archiving services to healthcare. www.gocloudwave.com.
About WestView WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as software and IT services, business services, healthcare technology and outsourcing, consumer, and growth industrial. For more information, please visit www.wvcapital.com