Praesidian Capital has provided USD6.9 million in senior debt and growth capital to support Cohere Communications’ acquisition of Another 9.
Cohere provides managed cloud, Voice-over-Internet Protocol (VoIP) and IT services to more than 200 customers globally. Its customers are primarily financial and media firms.
Another 9 provides comparable, complex telecommunications services to more than 300 small and mid-sized businesses and specialises in secure, multi-site and high availability hosted solutions. Both businesses are located in the New York metropolitan area.
“In this acquisition, we saw a company with a shared focus, commitment and expertise in addressing complex technologies,” says Steven Francesco, CEO of Cohere. “The combination of the two companies offers new opportunities for serving our clients more effectively. We look forward to working with Praesidian Capital as we use our joint capabilities to become a full-solution IT service provider.”
Glenn Harrison, partner of Praesidian Capital, says: “We are glad to partner with Steve Francesco and help him to execute his long-term vision for Cohere. We see the combination of these businesses as a focused, unified approach to telecomm and IT service solutions, and we welcome Cohere to Praesidian’s growing group of IT-related businesses.”
