Clearlake Capital Group Announces Sale of NetMotion Wireless to The Carlyle Group
August 15 2016 - 7:00AM
Business Wire
Clearlake Capital Group, L.P. (together with its affiliates,
“Clearlake”) announced today that NetMotion Wireless, Inc.
(“NetMotion” or the “Company”), a provider of mobile security
software solutions, has entered into a definitive agreement to be
acquired by The Carlyle Group (NASDAQ:CG; “Carlyle”). The
transaction is expected to close in the third quarter of 2016,
subject to normal closing conditions and regulatory approvals.
Financial terms were not disclosed.
Since Clearlake’s acquisition of the Company in 2012, NetMotion
has built on its leadership position in the mobile security market.
NetMotion mobile security solutions manage, optimize, accelerate,
and secure all traffic to mobile devices across any network,
application or operating system. Under its ownership, Clearlake
supported NetMotion and the management team across multiple growth
initiatives. NetMotion launched new products for the iOS and the
Android platforms, continued to invest in R&D to innovate,
markedly increased investments in sales and marketing, successfully
consummated and integrated acquisitions, and embarked on geographic
expansion into the European and Asia Pacific markets. These
initiatives resulted in record revenue and EBITDA growth of more
than 500 percent during its partnership with Clearlake.
“We are pleased to have sponsored NetMotion and to have worked
closely with the talented management team and employees to
transform the business and establish the Company as a leading
player in an attractive and high-growth segment of the mobile
security software market. We identified operational efficiencies,
worked closely with the team to implement best practices in key
functional areas, heavily invested in product and in sales and
marketing, and expanded the Company’s reach into new geographies,”
said Behdad Eghbali, a Managing Partner at Clearlake and Prashant
Mehrotra, a Partner at Clearlake. “NetMotion grew substantially and
has continued to deliver for its customers, partners, and
shareholders. We are humbled to have contributed to the Company’s
success, and look forward to seeing continued success and growth
under Carlyle’s ownership.”
“The success here is a testament to the acumen, dedication and
leadership of NetMotion’s executive team, led by Christopher
Kenessey and Joe Savarese, and the rest of the management and
employees,” added John Ferron, a Clearlake Operating Advisor. As
the CEO of NetMotion through June 2016, John led the transformation
of the business under Clearlake’s ownership.
“We are proud of our successful partnership with Clearlake, and
appreciative of the resources and software industry insights the
Clearlake team brought to our business as we looked to accelerate
the Company’s growth trajectory. Our time with Clearlake has
positioned the Company, our employees, and our customers for future
success,” said Christopher Kenessey, CEO of NetMotion.
Evercore Partners advised NetMotion in the sale to Carlyle.
Atlas Technology Group served as financial advisor to the NetMotion
Board of Directors in the transaction.
About NetMotion WirelessNetMotion Wireless mobile
security and performance management software accelerates
business-critical applications, hybrid networks and mobile devices.
Thousands of enterprises around the world depend on the company’s
solutions to deliver network traffic optimization, adaptive policy
control, mobile user experience management and secure access for
their mobile workforces. NetMotion gives IT decision-makers robust
intelligence and control over devices, applications and networks to
increase operational efficiencies and end-user productivity.
NetMotion has received numerous awards for its technology and
customer support. The company consistently receives an impressive
customer satisfaction Net Promoter Score (NPS) of 91, significantly
exceeding NPS averages in the technology and telecom industries.
The company is headquartered in Seattle, Washington. Visit
www.netmotionwireless.com.
NetMotion and NetMotion Mobility are registered trademarks of
NetMotion Wireless, Inc. All other trade names, trademarks and
registered trademarks are the property of their respective
owners.
About Clearlake Capital GroupClearlake Capital Group,
L.P. is a private investment firm 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 and strategic expertise. The
firm’s core target sectors include technology, communications and
business services; industrials, energy and power; and consumer
products and services. Clearlake currently has over $3.5 billion of
assets under management. More information is available at
www.clearlake.com.
About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is
a global alternative asset manager with $176 billion of assets
under management across 127 funds and 164 fund of funds vehicles as
of June 30, 2016. Carlyle’s purpose is to invest wisely and create
value on behalf of its investors, many of whom are public pensions.
Carlyle invests across four segments – Corporate Private Equity,
Real Assets, Global Market Strategies and Investment Solutions – in
Africa, Asia, Australia, Europe, the Middle East, North America and
South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services, consumer
& retail, energy, financial services, healthcare, industrial,
real estate, technology & business services, telecommunications
& media and transportation. The Carlyle Group employs more than
1,650 people in 35 offices across six continents.
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version on businesswire.com: http://www.businesswire.com/news/home/20160815005357/en/
Media:For NetMotion Wireless:North
AmericaVoxus PRJaci Hendricks-Scott,
253-444-5955jhendricks-scott@voxuspr.comorUK
and EuropeLEWISHolly Malthouse, +44 (0) 207 802
2626Holly.malthouse@teamlewis.comorFor Clearlake Capital Group:Owen
Blicksilver Public Relations, Inc.Kristin Celauro,
732-264-1131kristin@blicksilverpr.comorJennifer Hurson,
845-507-0571jennifer@blicksilverpr.com
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