|By PR Newswire||
|January 8, 2013 08:01 AM EST||
ALLENTOWN, Pa., Jan. 8, 2013 /PRNewswire/ -- INetU, the industry's complex hosting experts and a global provider of business-centric managed cloud and application hosting, is pleased to announce that they have completed a recapitalization transaction in partnership with BV Investment Partners ("BV"). BV is a middle-market private equity firm focused on the information and business services and communications sectors. The investment will make BV the majority shareholder and is made in partnership with INetU's founder and CEO, Dev Chanchani.
INetU was founded in 1997 and is headquartered in Allentown, Pa. INetU has established a leading reputation in the enterprise market by delivering highly reliable and flexible managed and cloud hosting solutions to businesses globally. The Company supports many mission critical websites and applications across numerous sectors including E-Commerce, healthcare, financial services, software as a service (SaaS), education and government.
"Our new partnership with the BV team will help to accelerate our existing growth initiatives and will enhance INetU's capabilities to provide leading and innovative business cloud solutions," said Dev Chanchani, President and CEO. "BV has a long history of successfully partnering with founder-owned companies like INetU, and my senior management team and I look forward to working closely with them." INetU has been a profitable and growing managed cloud and hosting provider serving some of the world's best-known enterprises for over 15 years.
Louis V. Bertocci, a Managing Director at BV, said, "INetU provides a comprehensive suite of complex hosting services including a number of compliance, security and other specialized solutions. We believe the rapid growth in data generation and the proliferation of web-based applications and services are changing the way companies address IT infrastructure needs. INetU is truly a value added partner delivering mission critical IT services to a large and growing customer base."
Matthew J. Kinsey, a Principal at BV, noted, "INetU has an enviable track record of reliability coupled with a differentiated, market-leading service level. They are poised to take full advantage of the growth we expect to see in the cloud computing industry."
Dev Chanchani will continue as President and CEO and will remain a significant shareholder in the company. Customers will see no changes in the way they interact with the company or the staff. "We anticipate an exciting future for INetU as we continue to provide our customers with advanced Cloud solutions and exceptional value," concludes Chanchani.
Louis Bertocci and Matthew Kinsey have joined INetU's Board of Directors.
INetU, Inc. is a leading managed hosting and cloud services provider delivering secure, high performance and reliable hosting for businesses worldwide. INetU expertly provides compliant solutions for E-Commerce, healthcare, financial services, SaaS and more delivered by experienced complex hosting experts. With domestic and international datacenters, INetU has the global reach to support even the most complex hosting environments. INetU is PCI, SSAE 16/SOC 1, SOC 2/3, ISAE 3402 and Safe Harbor compliant and provides HIPAA guidance and assurances. Please visit www.inetu.net for more information.
BV Investment Partners is currently investing its eighth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in 80 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com.
SOURCE INetU, Inc.
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