Press Release - August 08, 2012
Silver Lake Sumeru and Velocity Technology Solutions Partner to Advance Leadership in Cloud Application Service
NEW YORK, NY, August 8, 2012 – Velocity Technology Solutions, Inc. (“Velocity” or the “Company”), the ERP in the cloud company, today announced the completion of its acquisition by a Silver Lake Sumeru-led investor group and Velocity management.
The new partnership makes available substantial capital resources that will be directed toward the acquisition of new capabilities and the expansion of Velocity service offerings for its customers and markets. As part of its strategy to invest in established and growing managed cloud service leaders, Silver Lake Sumeru will work closely with the Velocity executive team to accelerate market penetration, extend platform innovation, and continue the company’s focus on customer service excellence.
“More than ever, CIOs are looking to improve business performance and reduce operating costs. The largest cost component for any IT solution is the resources to deploy, host, and manage it,” said Paul Cioni, SVP of service delivery for Velocity. “This investment by Silver Lake Sumeru will accelerate deployment of new capabilities that further increase our level of customer support and our ability to deliver the highest-quality managed services. Partnering with Silver Lake Sumeru will enable us to broaden our offering so that CIOs spend less time on their IT infrastructure and more time on projects that support the strategic growth of their organizations.”
“Silver Lake Sumeru is committed to our vision of reinventing the way businesses acquire, host, and manage software. Providing access to critical business enterprise applications through our highly secure virtual private cloud converts the burden of software ownership into a cost-effective utility and enables our customers to focus on the priority initiatives that propel their businesses. As a result of this new partnership, Velocity is well positioned for continued industry leadership,” said Tom Bruno, president and chief executive officer, Velocity Technology Solutions. “As more senior executives embrace the advantages of the cloud, we want to be the partner of choice, delivering availability, security, and control through our cloud application services.”
The Silver Lake Sumeru investor group, which includes Partners Group and Northleaf Capital Partners, will purchase the Company from a shareholder group that includes Spire Capital Partners and Tudor Ventures.
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About Velocity Technology Solutions
Velocity – the ERP in the cloud company – hosts ERP software and related applications for companies within its virtual private cloud environment, lowering operational costs, increasing service levels and improving software performance while reducing burdens on IT staff and enabling deployment flexibility. Expertise managing software 24/7, combined with proprietary technology that enhances availability, security, and control, make Velocity the trusted partner for quickly and securely moving existing and future ERP investments into the cloud. Velocity is headquartered in New York City. For more information: www.velocity.cc.
About Silver Lake Sumeru
Silver Lake Sumeru—the middle-market investment group of Silver Lake— is a global leader in private equity investments in middle-market, growth-oriented technology and technology-enabled companies. The Silver Lake Sumeru team applies fundamental operating insight, deep technology sector expertise, and world-class investing skills to invest in and partner with companies. Silver Lake Sumeru’s portfolio includes or has included leading technology companies such as AVI-SPL, i2, Locaweb, Medseek, Opera Solutions, Power-One, SMART Modular and Spansion. For additional information about Silver Lake Sumeru and its entire portfolio, visit www.silverlake.com/sumeru.