BOSTON, Nov. 17, 2015 /PRNewswire/ -- BV Investment Partners ("BV"), a middle-market private equity firm focused on the information and business services and communications sectors, today announced the signing of a definitive agreement to sell INetU Inc to ViaWest, Inc., a leading Hybrid IT solutions provider in North America. The transaction is expected to close in mid-December.
Founded in 1996 and headquartered in Allentown, Pennsylvania, INetU is a leading managed hosting and cloud services provider delivering secure, high performance and reliable hosting for businesses. The Company supports global businesses' many mission critical websites and IT applications across numerous sectors, including eCommerce, healthcare, financial services, software as a service, education, and government.
BVIP Fund VIII, the firm's eighth fund, recapitalized INetU in December of 2012 in partnership with the company's founder and Chief Executive Officer Dev Chanchani, who continued as a significant shareholder in the company. This will be the Fund's first platform realization following a number of recent distributions.
Louis Bertocci, Managing Director of BV, said, "From the beginning we have been impressed with INetU's management team led by Dev. Together over the last three years we have significantly grown the Company on multiple levels. We believe ViaWest is the right buyer to continue the Company's quality of offerings and customer service. We are pleased with the successful outcome of this investment for BV's Partners and will continue to seek opportunities in within this sector."
"We met Dev several years prior to our investment while developing an investment thesis based on a shift in the economy towards IT outsourcing. We were aligned in our partnership and goals for the Company from the beginning," said Matthew Kinsey, Partner of BV. "We implemented a number of initiatives over the past few years including enhancing the company's sales strategy and launching new security and multi-cloud product offerings that has allowed INetU to grow to where it is today."
Dev Chanchani, President & CEO, said, "Several years ago, while exploring my options for the Company, what attracted me to BV was its long history of successfully partnering with founder-owned companies, their depth of knowledge of the managed hosting sector, and their operating plans to grow the business. Today I am very pleased with what we have accomplished in just three years. I am thrilled with the exit outcome and believe the Company is in right hands to successfully flourish in this next phase."
BV Investment Partners is currently investing its eighth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 80 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
SOURCE BV Investment Partners