SANTA MONICA, Calif., Nov. 28, 2018 /PRNewswire/ -- Clearlake Capital Group, L.P. (together with certain affiliates, "Clearlake"), in partnership with Mycom Group Limited's ("Mycom" or the "Company") Founder and Chairman Siamak Sarbaz and management, today announced that it has closed the sale of Mycom to Inflexion Private Equity. Mycom principally goes to market as MYCOM OSI, a leading software company providing service assurance, analytics, and automation solutions to blue chip mobile Communications Service Providers ("CSPs"). Financial terms of the transaction were not disclosed.
With more than 70 customers globally, including eight of the top 10 global CSP groups, MYCOM OSI is at the forefront of mobile carriers' digital transformation. The Company's solutions enable CSPs to offer digital services, manage complex networks and IT operations, and meet the ever growing and dynamic needs of subscriber bases. With its cloud-native software platform for assurance, automation and analytics, MYCOM OSI enables CSPs to realize strategic digital transformation, including launching new digital and Internet-of-Things services ("IoT"), implementing network virtualization, cloud and automation technologies through machine learning, and enhancing quality while reducing operational costs.
"Mycom's mission has always been to deliver superior advanced solutions to enable the world's leading mobile communications companies to meet ever growing needs of their customers globally," said Sarbaz. "Clearlake's financial backing and deep experience as a value-added software investor enhanced our ability to significantly expand our software footprint whilst continuing to maintain our commitment to excellent delivery for our customers."
"With Clearlake's support, we were the first mover in our market with a disruptive cloud-centric software-as-a-service ("SaaS") subscription-based business model and sizable private and public cloud deployments, including the industry's first cloud-native virtualized CSP core network," said Mycom CEO Payam Taaghol and President Mounir Ladki. "Our collective vision to transform the business into an industry leading global software platform resulted in an eight times expansion of software recurring revenue during Clearlake's investment period via growth in subscriptions for the Company's cloud-native platform, creating a highly recurring, predictable, and profitable business model."
"Continuing on Siamak's vision and under the leadership of Payam, Mounir, and the rest of the Mycom team, the Company continued its emphasis on innovation, SaaS transition and delivering superior results for its customers. We have been proud to sponsor Mycom throughout this transition," said Behdad Eghbali, Co-Founder and Managing Partner, and Arta Tabaee, Principal, at Clearlake. "Through Clearlake's core Operations, People, Strategy (O.P.S.®) best practices, we facilitated Mycom's growth into a leading service assurance software platform by both supporting organic initiatives through the SaaS transition, augmenting the global sales expansion, and sponsoring the Company's acquisition of OSI. We have full confidence in the management team and wish the Company continued success."
William Blair & Company and Mooreland Partners acted as the financial advisors to Mycom and the selling shareholders.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed over $8 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
Mycom, which principally goes to market as MYCOM OSI, provides award-winning, cloud native Assurance, Automation & Analytics solutions that enable Communications Service Providers, Managed Service Providers and Enterprises to manage digital experiences and hybrid networks, launch digital, IoT and 5G services and deliver agility, scale and efficiency with automated digital operations. It was one of the first in its industry to introduce and commercialize next generation cloud native solutions coupled with innovative subscription business models. More information is available at www.mycom-osi.com.
OWEN BLICKSILVER PUBLIC RELATIONS, INC.
SOURCE Clearlake Capital Group, L.P.