VaultLogix Receives Equity Investment to Continue Strong Growth
December 21, 2009
Danvers, Mass – December 21, 2009 – VaultLogix, a leading nationwide provider of online backup and disaster recovery services to the small and medium-sized business market, today announced that it has received a minority equity investment from WestView Capital Partners, a Boston-based private equity firm focused on lower middle market companies. WestView joins existing VaultLogix investor London Bay Capital in partnership with the Company’s management team. VaultLogix represents WestView’s first investment out of its recently closed $325 million growth equity fund.
VaultLogix was founded in 2003 by CEO Tim Hannibal and has experienced significant growth through both direct customer and reseller partner expansion. The Company currently serves over 3,600 customers across virtually all industry verticals. The Company’s software provides a comprehensive and reliable remote backup service and brings enterprise level offsite backup functionality to the SMB market. VaultLogix’s focus is to guarantee an automated, reliable and secure backup solution that enables 24x7x365 access to a customer’s data for simple and immediate restoration.
“VaultLogix has grown rapidly through both organic customer expansion and accretive acquisitions and we look forward to continuing our track record of growth and customer satisfaction in partnership with WestView and London Bay,” said Tim Hannibal, founder and CEO of VaultLogix. “Our management team welcomes WestView’s extensive experience working with growing technology service companies such as ours to achieve their strategic objectives.”
“We are excited about the opportunity to work with the VaultLogix team as they continue to capitalize on the growing market opportunity for online data backup and disaster recovery services. Tim Hannibal and his team represent the type of experienced and energetic entrepreneurs we look to partner with at WestView,” said Rick Williams, a managing partner at WestView. “This investment fits extremely well with our background of investing in profitable technology and technology-enabled service companies,” added Matt Carroll, a partner at WestView, who along with Rick Williams has joined the Company’s Board of Directors.
Sam Humphreys, the CEO of London Bay Capital, stated, “We are delighted that WestView Capital has joined us in this investment. VaultLogix has grown significantly during the two years that we have been involved with the company, and we welcome the opportunity to continue building VaultLogix in partnership with the talented team at WestView.”
VaultLogix assists businesses in securing their most critical corporate assets – their data. VaultLogix’s unique offsite backup service safeguards important information through an agentless and automated process that sends data securely to multiple locations. In addition to providing the features which businesses require, VaultLogix also delivers industry-leading solutions for the support, billing, marketing and integration of online backup for VAR’s, MSP’s and IT Consultants.
For more information, visit www.dataprotection.com or call 1-877-VAULTLOGIX (877-828-5856).
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 recapitalizations, growth, and consolidation transactions in a wide range of industries including business services, software, healthcare services, industrial/manufacturing, media/publishing and consumer/retail. WestView targets companies with operating profits between $3 million and $20 million with investment sizes ranging from $5 million to $30 million. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com.
About London Bay Capital
London Bay Capital is a private equity firm based in San Francisco. It focuses on management buyouts of middle-market growth businesses in the US and Europe. It invests its partners’ own capital as well as funds it manages on behalf of one of the world’s largest family offices.