FOR IMMEDIATE RELEASEClearlake Capital Group Acquires Mformation Technologies in an Asset Deal
Firm will Provide New Capital to Accelerate Company Growth and Development of Mobile Device Management Solutions for Mobile Operators and Enterprises
Santa Monica, CA - September 24, 2012 – Clearlake Capital Group, L.P. today announced that it has acquired substantially all of the assets of Mformation Technologies, Inc, a leading provider of mobile device management (MDM) software solutions. Clearlake is providing a significant capital infusion to accelerate the Company’s growth. The new Company will be named Mformation and its headquarters will remain in Edison, New Jersey. Mformation’s management team and operations will largely remain the same and the Company will continue to provide its customers with industry leading and innovative MDM solutions. Terms of the transaction are not being disclosed.
For over a decade, Mformation has provided a complete solution that enables mobile operators, managed service providers (MSPs) and enterprises to remotely manage, support and secure all types of mobile devices across all network types. Mformation’s market-leading Mformation Service Manager™ and Mformation Enterprise Manager™ suites are the most complete, flexible and integrated mobile device management software solutions in the industry, supporting end-to-end management across the broadest possible range of endpoints, from mobile devices to connected computing devices and machines.
“With more than 500 million devices under management, over 50 leading service provider and enterprise MSP customers, and growing demand for advanced mobile device management solutions from mobile operators and large organizations, we believe Mformation has a significant and growing market opportunity,” said Todd DeLaughter, Mformation CEO. “We are excited to partner with the Clearlake team, who shares our vision for the Company’s potential and brings financial and operational expertise to help us execute on our plan for continued growth.”
“We found Mformation to be the clear market leader in the MDM software market, with a long history of offering scalable solutions to mobile operators and enterprises,” said Behdad Eghbali, Founding Partner at Clearlake. “The Company has an exceptional leadership team that has successfully grown its customer base and brought several new products to the market. We look forward to partnering with management to aggressively scale the business and grow the global presence of this attractive new platform investment in the mobile software sector.”
Prashant Mehrotra, Vice President at Clearlake, said, “We are excited to work with Mformation and provide new capital to accelerate the Company’s growth at this important time in its history. Mformation operates at the intersection of several key market trends -- such as the proliferation of smart phones and intelligent mobile devices, MachIne to Machine (M2M) wireless devices, and the advent of the ‘bring your own device’ phenomenon taking place in enterprises -- which are driving the significant increase in demand for scalable mobile device management solutions. We believe the company is well-positioned to address this mission critical need for mobile operators and enterprises.”
Mr. Eghbali and Mr. Mehrotra will join Mformation’s board of directors.
Blackstone Group L.P. served as financial advisor and Cooley LLP and DLA Piper LLP served as legal advisors to Clearlake.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations private equity such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in businesses going through change. Clearlake’s founding principals have led over 50 investments totaling more than $2.7 billion of capital in sectors including technology, communications and media, business services, energy and power, healthcare, manufacturing and retail. For more information, please visit www.clearlakecapital.com.
Mformation Software Technologies, Inc., headquartered in Edison, New Jersey, provides mobile device management software that enables mobile operators and service providers to manage and control wireless computing devices, consumer electronics, and other machines. It offers an integrated mobile device management software solution for open mobile alliance DM-based provisioning and configuration; firmware over the air management; smart phone application management; diagnostics and repair for mobile devices; security management for mobile devices and data; enterprise device management; and customer experience management with voice and data services.