Clearlake Capital Group has acquired NetMotion, a provider of mobile virtual private network and network performance management software products. Chris Gibbons, a Clearlake Operating Partner and former Chief Information Officer of Microsoft Corporation, will serve as chairman of NetMotion’s board of directors. “For more than a decade, NetMotion has consistently delivered next generation products that meet the evolving needs of mobile workers,” said Mr. Gibbons. “NetMotion’s Mobility and Locality products are scalable platforms that enable superior functionality for a range of customers from local businesses through global enterprises.”
NetMotion Wireless develops software to manage, secure and optimize wireless data deployments for organizations with mobile field workers. The company serves the government, utility, healthcare, public safety, and insurance markets. NetMotion Wireless is headquartered in Seattle (www.netmotionwireless.com).
“NetMotion is the clear market leader with unmatched technology and an exceptional leadership team that has successfully continued to grow its suite of offerings. We look forward to working closely with management to bring NetMotion’s products to many untapped vertical markets and deliver next generation solutions to continue serving the company’s loyal customer base as we seek to enhance value at this exciting company,” said Behdad Eghbali, Founding Partner at Clearlake.
Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services, communications and media, energy and power, healthcare, manufacturing, retail/consumer and technology. Clearlake was founded in 2006 and is headquartered in New York, NY (www.clearlakecapital.com).
“More than 650,000 licenses of our products have been sold to date, and with increasing demand from new industries and geographies for advanced mobile connectivity and productivity solutions, we believe the company has a very robust market opportunity,” said Bob Hunsberger, the CEO of NetMotion since 2006. “Clearlake shares our vision to accelerate growth by capitalizing on this dynamic period for our industry, and with their partnership and technology sector expertise we are energized for NetMotion’s future.”
Sagent Advisors served as financial advisor to NetMotion. BMO Capital Markets served as financial advisor to Clearlake.
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-11-12