LANCASTER, Pa. and PORTLAND, Ore., Jan. 16, 2019 /PRNewswire/ -- Securus Contact Systems (Securus), the leading virtual receptionist solution for small and medium service-based businesses, announced today that it has been acquired by PennSpring Capital (PennSpring). PennSpring is a progressive lower middle market private equity firm focused on companies with strong foundations and proven leadership, excelling within sizeable industries typified by high fragmentation. PennSpring has now made six investments in the last six months, including three majority investments.
"The virtual receptionist vertical, and call center market in general, present a strong consolidation opportunity – and not just of similar businesses but of complementary technologies as well," said Lou Castelli, Managing Partner of PennSpring Capital. "We are fortunate to partner with the dynamic leadership team of Securus Contact Systems; this Founder duo – who will remain at the helm – and their professional, polished staff of 120 full-time employees represent the industry gold standard for both technological innovation and old-world customer service.
"On the strength of the award-winning Securus platform, PennSpring is actively seeking to acquire companies accretive to this holding."
Steven Lemma, Securus Co-Founder and CEO stated, "We have grown quickly in a few short years, and our trajectory improves each month. PennSpring's capital resources, sales acumen and M&A expertise are the keys we have sought to unlock the greater potential of Securus Contact Systems. In our partnership with PennSpring we have been able to maintain meaningful equity, providing us both immediate liquidity and a stake in the substantial upside we are confident we will create together."
Added Securus Co-Founder and CTO Kris Drebin, "Often overlooked in the business services space is the role for, and value of, technology. With PennSpring we are already implementing a strategy to further evolve and augment our proprietary call handling software, increasing our competitive lead and delivering optimum customer satisfaction."
The transaction closed on January 3, 2019. James Huber of Global Legal Law Firm provided legal counsel to Securus Contact Systems, and K&L Gates LLP provided legal counsel to PennSpring Capital.
About Securus Contact Systems
Founded in 2012 and based in Portland, Oregon, Securus Contact Systems leverages a proprietary software platform to provide elite virtual receptionist and call center services to customers nationwide. Securus is a market leader for service-based businesses who require 24/7 live representation, and small businesses without the infrastructure to support a receptionist or back-office call center. The company has been honored by the Portland Business Journal as one of the region's Fastest-Growing 100 Private Companies for three years running, and in 2018 was named to The Oregonian's list of Top Workplaces. Learn more at www.securuscontactsystems.com
About PennSpring Capital
PennSpring Capital unlocks liquidity, empowers growth and elevates executive careers. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic firms and helping evolve them to institutional scale. PennSpring's Partners are entrepreneurs with firsthand experience in growing and positioning businesses. PennSpring engages at a deep level and applies its experience to elevate its partners' businesses. Learn more at www.pennspring.com
SOURCE PennSpring Capital