Frontier Capital has sold its portfolio company Azaleos Corporation, a provider of managed email, collaboration and unified communications services, to Avanade, a business technology solutions and managed services provider, and subsidiary of Microsoft Corporation.
Azaleos provides remotely managed services for Microsoft Exchange, SharePoint and Lync, using software to remotely monitor and manage email, collaboration, and unified communications systems. Azaleos is headquartered in Seattle (www.azaleos.com).
“We have truly enjoyed our partnership with Frontier and want to thank them for their support and confidence in us,” said Phil Van Etten, CEO of Azaleos.
Frontier first invested in Charlotte-based M3 Technology Group, Inc. in September 2007 which later merged with Azaleos in March 2009 to create the market leader for remotely managed Microsoft Exchange services.
Frontier Capital invests from $5 million to $25 million in growth equity to technology enabled business services companies with revenues from $5 million to $30 million. The success of the Azaleos transaction highlights Frontier’s expertise in the managed services industry, which accounts for approximately one-third of the firm’s portfolio and includes successful investments in Peak 10 and SecureWorks. Frontier Capital was founded in 1999 and is based in Charlotte, NC (www.frontiercapital.com).
“It has been a pleasure to work with Phil and the company’s exceptional management team,” said Joel Lanik, Partner of Frontier Capital. “The growth at Azaleos has been remarkable and we’re proud to be a part of it.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-19-12
