Schurz Communications Inc. announced that it has acquired compliant hybrid cloud provider, Online Tech, LLC. The investment represents entrance into the rapidly-growing cloud market with a proven platform that can be built upon for future generations.
Industry veterans, Brad Cheedle and Tom Wilten of Cloudworthy join the current leadership team and will serve as the CEO and CFO, respectively.
Online Tech currently serves nearly 500 clients across the Midwest with its network of seven data centers and full suite of hybrid cloud services including managed Microsoft Azure, Disaster Recovery as a Service, Data Protection as a Service. With a focus on security and compliance, their expert engineers support mission-critical applications and provide enterprise-class infrastructure to mid-market customers across a range of industries. DH Capital, LLC served as the exclusive financial advisor to Online Tech.
During the sale of its broadcast assets in late 2015, the Schurz family retained Moorgate Capital Partners to assist with its future growth and diversification strategy. After an extensive vetting process, the cloud managed services sector was identified as the best fit for Schurz.
“The question we were grappling with after the sale of our broadcast properties was: How do we position the company for growth for future generations? We were looking for something that aligned with our values and our core competencies but also was in an exciting and high growth area that we could build upon,” said Todd Schurz, president and CEO Schurz Communications, Inc.. “The cloud represents all of that for us.”
Moorgate introduced Schurz to Brad Cheedle and Tom Wilten of Cloudworthy, who were looking for a well-managed, high-growth hybrid cloud company that focused on compliance and security with an industry leading client portal that could offer customers a Single Pane of Glass across a customers varied IT environments. After evaluating numerous companies in the space together, Online Tech emerged as the clear favorite, meeting the criteria of both Schurz and Cloudworthy.
“Our company is known for patient capital that assists growing companies realise their aspirations. Online Tech represents one of the most exciting opportunities in the cloud market today. The strong and proven management team has ambitious goals in this rapidly growing industry and we are excited to provide the support necessary to achieve them,” said Todd Schurz.
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