Elliott Management, led by its Menlo Park affiliate Evergreen Coast Capital, has completed an investment in ASG Technologies, a Florida-based enterprise IT software company with products in content management, systems management, workspaces and enterprise data intelligence.
Elliott intends to invest additional capital in ASG going forward to support the company’s ongoing organic growth strategy and to bolster growth through acquisitions.
Enterprises are facing a complicated set of challenges when it comes to both understanding and optimising the information that flows throughout their organisations. ASG Technologies provides the software solutions businesses need to overcome these challenges by enabling streamlined information management, access and control.
More than 70 per cent of the global Fortune 500 companies use ASG to run, manage and optimise their IT investments. ASG has more than 4,000 customers today and employs over 1,000 people across 40 offices globally.
“As corporate IT environments and the IT organisations that support them continue to become more complex, ASG addresses the needs of our customers by extending the life of prior IT investments while bringing new insights through next generation technologies,” says Charles Sansbury, CEO of ASG Technologies. “We are excited to partner with Elliott and GSO, two firms that have long track records of investing in technology businesses, to accelerate the growth of our organisation and to deliver value to customers and to partners.”
“ASG’s leadership has transformed the business into a leading global software provider with exciting growth investments in its product lines. This will be our second stint investing behind Charles who helped lead The Attachmate Group. We are enthusiastic about the prospects of investing more capital in ASG to grow the business,” says Jesse Cohn (pictured), senior portfolio manager of Elliott. “The IT landscape is going through tremendous changes, and the ability to partner with seasoned and accomplished executives in a platform that helps IT customers manage those changes puts us in a terrific position as investors.”
“We have invested in many infrastructure software businesses over the years and in ASG, we saw a unique platform opportunity to partner with a world-class management team to grow the business both organically through product and sales investment as well as through transformative acquisitions. We are excited to work with the ASG team and GSO to drive this next stage of growth,” says Isaac Kim, managing director of Evergreen Coast Capital.
“We are thrilled to be bringing an insightful, capable and well capitalised equity partner into the ownership group to continue to build upon the tremendous momentum that the executive management team has created at ASG,” says Brad Colman, managing director of GSO Capital Partners and board member of ASG.
Credit Suisse and SunTrust Robinson Humphrey acted as lead financial advisers to Evergreen Coast Capital.
