Cloud-based software provider receives major boost from private equity firm
Southfield-based Secure-24 Inc., which provides cloud-based software services for companies, announced Wednesday that it received an equity investment to fund growth, led by Charlotte, N.C.-based Pamlico Capital, a private equity firm with more than $2 billion under management.
Terms will not be released. COO Volker Straub and CEO Matthias Horch, who founded Secure-24 in 2001, will retain equity stakes and continue to manage the company, which focuses on applications from the software giants SAP and Oracle Corp.
"We are extremely happy to partner with Pamlico because of its track record supporting companies and entrepreneurs as a growth-capital provider," Horch said in a press release. "Secure-24 has seen a tremendous demand for IT infrastructure and application outsourcing services and is poised to continue to grow."
As part of the deal, industry veteran Michael Jennings, co-founder of Fremont, Calif.-based Appshop Inc., a company that does Oracle-based enterprise hosting, will join the management team at Secure-24.
The investment group also included Boston-based HarbourVest Partners LLC. Oppenheimer & Co. Inc. served as advisers to Secure-24.