BOSTON, Sept. 26, 2016 /PRNewswire/ -- BV Investment Partners ("BV"), a middle-market private equity firm focused on the business services and IT services sectors, today announced that it has partnered with the senior management team of Right Networks, a premier provider of cloud solutions to accountants and small and medium-sized businesses ("SMBs").
Co-founded in 2002 by John Farrer and Philip Romine, Right Networks is the preeminent hosting and solutions provider for QuickBooks accounting software and other business-critical applications used by SMBs. Right Networks' cloud platform is built with advanced virtualization technology deployed on enterprise-class infrastructure, and effectively enables SMB end users to connect, share and collaborate in the cloud with anytime, anywhere access to applications, files and data. The Company currently supports over 25,000 customers.
Matt Kinsey, Partner of BV, said, "John, Phil and the management team have done a tremendous job building the business, and we're fortunate to be partnering with them to accelerate growth going forward. Right Networks operates in a sector that we know well and stands out as a highly unique and attractive business with the scale, relationships and technology to capture the tremendous market opportunity in supporting SMB cloud-based workloads."
Sean Wilder, Principal of BV, said, "In collaboration with management, we have developed an actionable growth plan that includes investing in sales and marketing and new service offerings, and exploring potential M&A opportunities. We are excited to help the team at Right Networks implement this plan."
John Farrer, Founder and CEO of Right Networks, commented, "Businesses are moving to cloud-based environments for secure and reliable access to their files and applications in a familiar format and without any internal IT management obligations. The BV team thoroughly understands our business, and we look forward to working with them to deliver innovative and accessible technology solutions to our valued customers."
Vikrant Raina, Managing Director of BV, said, "Right Networks is the ninth investment from Fund VIII and represents a terrific opportunity to partner once again with a company founder and strong executive team that have a proven track record of delivering growth. We believe in the fundamental underpinnings of this sector, and are confident we've found the right platform company and team to drive value going forward."
BV will own a majority of the recapitalized company and the senior management team will maintain a significant interest. Matt Kinsey, Vik Raina, and Sean Wilder will serve on the Company's Board.
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 $2.9 billion in 86 companies, actively targeting investments in the business services and IT services sectors. For more information, please visit www.bvlp.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
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SOURCE BV Investment Partners