Novacap Sells Montreal-based Hosting Provider iWeb to Internap
MONTREAL, Oct. 30, 2013 (Canada NewsWire via COMTEX) --
Novacap, one of Canada's leading
private equity firms, is pleased to announce that it has reached an
agreement with Atlanta-based IT infrastructure service provider
Internap for the sale of the hosting and cloud provider, iWeb.
Evaluated at $145M, this transaction will allow both Internap and iWeb
to grow their market shares and their services portfolio to offer a
complete range of IaaS to companies at every stage, from start-ups to
iWeb's leading position as an international cloud hosting company
combined with proven online sales channel and multi-lingual
capabilities will enable Internap to provide a broader range of
infrastructure capabilities with additional price points and
configurations to the global SMB segment.
"We are very happy to have reached an agreement with Internap. This
transaction will allow iWeb to benefit from access to Internap's data
centers, hybrid IT infrastructure capabilities, automated provisioning
and its high-performance network. The Internap-iWeb combination will
give iWeb and its employees new strategic opportunities in a very
fast-growing market," declared Christian Primeau, president and chief
operating officer at iWeb.
Novacap has been working with entrepreneurs specialized in data centers
and cloud computing for over 15 years now. The private equity firm
joined forces with iWeb in 2011, "When I founded iWeb in 1996, cloud
computing was far from being a reality. Novacap's commitment and vision
enabled us to grow and reach new heights with iWeb. Today the beginning
of a new chapter for many of us, and I am very proud of everything our
team has achieved,'' said Eric Chouinard, co-founder of iWeb.
"We acquired iWeb because we saw the potential of the company and of its
people. Today, iWeb is an international cloud hosting company serving
over 10,000 SMB customers worldwide. iWeb is a perfect example of how
Novacap can support a company in its expansion strategy and help it
reach the highest standards within its industry," concluded Stéphane
Tremblay, partner at Novacap.
The Bank Street Group LLC served as financial advisor for iWeb.
The transaction is subject to receipt of all necessary regulatory
approvals, including the approval of the Exchange.
Novacap is one of Canada's leading private equity firms. Since 1981, its
distinct partnership approach based on operational expertise has helped
companies accelerate their growth and maximize their value. Novacap
ranks among the top private equity firms in North America. For more
information, please consult: www.novacap.ca.
iWeb provides the on-demand server and cloud infrastructure that allows
over 10,000 customers worldwide to deliver today's Internet-based
technologies and to create tomorrow's online innovations. Since 1996,
Montreal-based iWeb has been rated among the world's top web
infrastructure providers based on performance and reliability and among
Canada's fastest growing companies. For more information, visit http://www.iweb.com.
Internap helps people build and manage the world's best performing IT
infrastructure. Our global footprint of data centers, patented network
technology and hybrid approach to hosting solutions that blends virtual
and bare-metal cloud computing, managed hosting and colocation delivers
a seamless end-user experience with the lowest latency every time. With
a 100% uptime guarantee and award-winning customer support, Internap
has been recognized by Forbes as one of America's Most Trustworthy
Companies. For more information, visit www.internap.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2013/30/c8710.html
SOURCE: NOVACAP Pascal Tremblay, MBA President and Managing Partner 450.651.5000
firstname.lastname@example.org INFORMATION: Cohn & Wolfe Montreal Christine Boivin
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