Francisco Partners Agrees to Make Strategic Investment in ShoreGroup
Press Releases — Jun 04, 2015
Private Buy Out
Additional Capital and Resources to Accelerate the Company’s Growth
ShoreGroup, Inc., a leading provider of software and managed services to support network infrastructure, announced today that it has entered into an agreement securing a growth equity investment from Francisco Partners, a global technology-focused private equity firm. The funding, expected to close within 60 days, will support the next phase of ShoreGroup’s growth in partnership with the company’s current leadership team.
“Francisco Partners has an extensive track record of investing in and growing technology companies and brings particular expertise in communications and infrastructure hardware and software as well as technology-enabled services,” said Robert Veghte Kennedy, ShoreGroup’s President and CEO. “Our mission is to help IT leaders address the continuous pressure to deliver mission-critical services while reducing costs. We believe this new partnership with Francisco Partners will allow us to accelerate our growth and realize our customers’ and company’s full potential.”
ShoreGroup provides software and networking management service solutions to major enterprises, cloud and hosted solution providers, and government agencies. It helps organizations reduce IT operating costs and increase their systems availability while optimizing their unified communications, contact center, virtualized data center and network assets.
“Over 15 years of investment, ShoreGroup has built a unique technology solution in its CaseSentry software platform and ShorePatrol managed servicing offering,” said Andrew Kowal, a partner with Francisco Partners. “ShoreGroup has differentiated domain expertise in an attractive and growing end-market, as evidenced by their longstanding and deep relationships with their blue-chip customer base. ShoreGroup’s patented technology can be applied to a broad range of industries that face challenges associated with secure data collection, analysis, automation and operational optimization. We look forward to partnering with ShoreGroup’s leadership team and employees to build on its existing capabilities, further strengthen its customer relationships, and capitalize on this market opportunity.”
ShoreGroup was advised by Moelis & Co. and Locke Lord. Kirkland & Ellis LLP and Evercore advised Francisco Partners.
Financial terms of the transaction were not disclosed.
ShoreGroup is the globally recognized managed services company helping customers achieve their strategic goals by empowering IT operations. Our service approach enables customers to leverage ShoreGroup's expert knowledge and comprehensive patented management technology to create and ensure the optimal success of their vital unified communications, collaboration, contact center, virtualized data center and network assets.