Private equity firm M/C Partners has invested in and acquired a majority interest in Denovo, a provider of ERP cloud hosting, consulting and managed services.
The financing will enable Denovo to make acquisitions and invest in the development of its cloud and managed services offerings while providing liquidity for its founders. The terms of the transaction were not disclosed.
"We envision Denovo playing a leading role in consolidating ERP consulting, managed services and hosting providers serving small to medium enterprises," says Gillis Cashman, a managing partner at M/C Partners. "Denovo has built a strong brand in the JD Edwards community and we are excited to partner with Denovo's founding management team."
In conjunction with M/C's investment, Marty Snella is joining Denovo as Chief Executive Officer. Snella has played integral roles in several very successful M/C Partners investments over the past 11 years, including ICG Communications and Zayo Group.
"I am very excited to join the Denovo leadership team. Denovo has done a phenomenal job growing its business and developing customer loyalty. This is a tremendous opportunity to build upon their success and continue to grow the business both organically and inorganically," says Snella.
"We couldn't be more excited to join forces with M/C Partners. M/C's expertise in the technology sector and their ability to identify and stay ahead of market disruptions was key for Denovo," says Mark Goedde, President and COO, Denovo. "We are equally thrilled to have Marty Snella join Denovo as CEO, Marty's extensive industry knowledge, expertise and valuable insight to market trends will allow Denovo to accelerate our strategies and uniquely positioned us to deliver enterprise applications via multiple cloud solutions, coupled with impeccable customer service."
Media Venture Partners (MVP) served as the exclusive financial advisor to Denovo in this transaction. MVP is an investment banking firm serving companies in the technology, communications, media and renewable energy sectors with a comprehensive array of services, including merger and acquisition advisory, debt and equity financing, and restructuring advisory.