Private equity firm Abry Partners has acquired Marlborough, Massachusetts-based CloudWave, a cloud and managed services provider in the healthcare sector. Terms of the deal were not disclosed.
This is M&A deal number 93 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Boston-based Abry says the investment will help support the growth of CloudWave and its expanding cloud services offering. CloudWave’s executive team, led by president and CEO Erik Littlejohn and chief strategy officer Jim Fitzgerald, will continue to run and operate the company, Abry said.
CloudWave provides migration support for hospitals and healthcare organizations as they move critical IT services–EHR hosting, medical imaging, disaster recovery, analytics, and interoperability–to secure multi-cloud platforms. The company’s services include managed hosting, disaster recovery, backup as a service and archiving, as well as security and end-to-end technical, clinical and user support services.
Abry Partners Acquires CloudWave: Operational Sustainability
Erik Littlejohn, president and CEO at CloudWave, commented:
“CloudWave is eager to enter this next stage of growth with the support of Abry Partners. The leadership team at CloudWave is happy to have a partner who understands the healthcare market, the challenges our hospital customers face, and the opportunity that lies in helping to solve for these challenges with cloud-based technology solutions. We are fortunate to join together with Abry as an experienced financial partner in the IT services industry, enabling us to both leverage the strong foundation we’ve built on our core capabilities and invest in a strategy to expand the scope of services we offer to serve the needs of our customers.”
Jim Fitzgerald, chief strategy officer and CloudWave founder, said:
“Our vision for CloudWave has always centered on helping our hospital customers focus on their mission of serving their communities by providing solutions that offer operational sustainability. Cloud platforms can help hospitals address many issues associated with complexity, cost, and resiliency, but we found that operating and managing systems continued to be burdensome. We built our OpSus Cloud Services to be the healthcare cloud delivered by healthcare people.” Fitzgerald added, “Point cloud solutions and managed services that meet customer needs, combined with CloudWave’s expert federation and delivery, will continue to be our focus as we execute on our expanded vision with Abry Partners.”
Brian St. Jean, partner at Abry Partners, said:
“We are excited to partner with the CloudWave team to support their continued growth and delivery of innovative IT services to healthcare. The CloudWave team has demonstrated deep IT operations expertise, commitment to customer satisfaction, and an impressive track record of achieving successful outcomes for their healthcare customers. We look forward to working with CloudWave as they develop and expand the business, and we are committed to investing in their growth.”
Abry Partners: Private Equity Background, MSP Investments
Abry has an intensive history in both the MSP and CSP sector. The private equity firm’s key moves include:
- February 2020: A minority investment in Asignet, an MSP preparing to launch a robotic process automation (RPA) platform called Robot4IT.
- January 2019: Investing in Options Technology, an MSP that offers managed cloud applications to financial services firms.
- August 2018: Backing NexusTek, an MSP that made three acquisitions in August 2018.
- December 2017: Abry Partners helped NexusTek recapitalize its business in December 2017.
Founded in 1989, Abry Partners currently manages over $5 billion of capital across its active funds.
