Sverica Capital Management has acquired Cytracom, a provider of cloud-based communications software, services and hardware.
Cytracom is a provider of enterprise-grade and cloud-based Voice Over Internet Protocol (VoIP) software, web conferencing software and services, and phone hardware. The company sells its software products and services to over two thousand managed services providers (MSPs) that support the information technology needs of small and medium-sized businesses.
Cytracom was co-founded in 2008 by CEO Zane Conkle and CFO Ben Booth and is headquartered near Dallas in Allen, Texas. The senior management team of Cytracom, including Mr. Conkle, will continue to lead the company in partnership with Sverica.
“Our focus has always been on enabling MSPs to deliver best-of-breed cloud-based voice and messaging solutions,” said Mr. Conkle. “A huge driver of our growth has been our transformation into a truly comprehensive cloud-based unified communications (UCaaS) provider. This investment from Sverica allows us to accelerate our growth and empower more partners with a leading channel-only UCaaS solution for their portfolio.”
“Through its commitment to innovation and reputation for reliability, Cytracom has positioned itself to take advantage of the tremendous market opportunity and widespread adoption of cloud communication solutions,” said Frank Young, a managing partner at Sverica. “We look forward to partnering with Cytracom’s senior leadership as they drive the company through the next phase of growth.”
The acquisition of Cytracom follows Sverica’s November 2019 buy of Gryphon Networks, a Boston-based provider of cloud-based software that is used to screen, collect, and analyze phone-based sales activity data from any device, and transform the data into actionable information in order to improve sales performance.
Boston and San Francisco-based Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values up to $150 million. Sectors of interest include technology, business services, healthcare and high-value industrial products. In October 2019, after just three months in the market, Sverica held a first and final close of its fifth fund, Sverica Capital Partners V LP. The new fund was oversubscribed and closed at its hard cap with $450 million of capital commitments.
© 2020 Private Equity Professional | February 28, 2020