StorageCraft Accepts $ 187 million Private Equity Investment, Appoints New CEO -
Looking to boost growth and significantly increase its international footprint, StorageCraft Technology Corporation , a recovery backup and disaster provider based in Draper, Utah, has accepted an investment of $ 187 million from TA Associates, a firm based in Boston private equity.
The terms of the deal were not disclosed, but include the appointment of Jonathan Meeks, a managing director at TA Associates, the Board of Directors and the appointment StorageCraft Matt Medeiros as New President and CEO of the company. A longtime veteran of industry, Medeiros was previously general manager of security software at Dell SonicWALL, and served as CEO and President of SonicWALL from 2003 until the acquisition by Dell to the company in 2012.
TA Associates capital will position StorageCraft transform a society still profitable and growing into a larger global player in the BDR market, according to Curt James, vice president of StorageCraft marketing and business development. "We knew we had a lot of upside potential," he said. "It made sense for us to bring in some additional leaders and financial support so that we can accelerate the company's parts."
Medeiros points three specific growth opportunities as priorities for the future, the first to radically expand the company's product portfolio. "We have the opportunity to double the number of new products that we deliver to the market," he said. These new solutions will be "adjacent" to the existing product lines of the company rather than of any new categories, he said.
StorageCraft resellers can hope for some of these products to have a discussion of vertical industry, as Medeiros said forging new alliances with vertically oriented manufacturers will be another three key objectives of StorageCraft. medical imaging systems and video systems "of the body of the camera" that many police forces now deployed are just two of the many specific solutions currently generating huge amounts of data that need industry protection. Work with manufacturers who know these markets and have existing solutions for them is a faster, more convenient for StorageCraft to pursue these opportunities than starting from scratch on their own, said Medeiros.
third area of focus StorageCraft under its new leadership will add partners and customers abroad. Although StorageCraft already has offices in major cities throughout the world, Medeiros notes, most of its revenue comes from North America at present. "We must do better," he said, adding that his goal is to increase the global presence of the company to the point that international trade represents 60 percent of total income.
Despite all the talk of expansion and change, James emphasizes that the commitment of its partners and StorageCraft current solutions remains strong. "We will continue to support the segments we are working," he said.
A global private investor with offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates has raised $ 24 billion since its inception in 1968 and has close links with the technology sector, including investment in September 2015 the legal management company Miratech solutions provider. the company has also made headlines last October when he bought Seattle, global asset management firm based in Washington, Russell investments of the London Stock Exchange Group for $ 1.15 billion.
"We are delighted to welcome this investment and a certified Executive technology like Matt to society, "said Meeks in a press release.
Medeiros is excited about his new position and, noting that StorageCraft has great people, great partners, and annual sales flow of $ 100 million. "This is not a company that needs to make a change," he observes. He, however, requires a renewed leadership to take the next big step in his development, he added. "The difference between $ 100 million and $ 300 million is quite important," said Medeiros, noting that his background running major technology suppliers well positioned him to manage a larger, more comprehensive StorageCraft.
"The real thing is to stay focused on the things that matter most to our customers," he said.
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