NEW YORK, NY – April 5th, 2011 — Logicworks (www.logicworks.net), a leading provider of enterprise hosting and cloud computing solutions, announced today that it has raised $7.6 million in growth financing from Seaport Capital, LLC.
The new capital will be used to support the growth of Logicworks’ cloud computing platform, infiniCloudTM, to expand sales and marketing initiatives, and to invest further in software development, for the benefit of the company’s media, financial services, healthcare, and SaaS clientele.
“Enterprises are adopting integrated hosting and cloud solutions at an accelerating rate, and our combination of public and private cloud with traditional managed services provides the perfect balance of reliability and cost-effectiveness as they migrate their most critical applications into the cloud” said Kenneth Ziegler, Logicworks’ President and COO. “This round of funding, led by one of the sector’s most respected and experienced investment firms, gives us the ideal financial foundation and a strategic partner to support Logicworks’ future growth.”
Logicworks has over a decade of experience in offering high-touch, mission-critical managed services which can now be tightly coupled with its new commodity compute platform, infiniCloudTM. “We built infiniCloudTM from the ground up with no compromises in terms of performance or availability,” said Carter Burden, Logicworks’ founder and Chief Strategy Officer. Since its launch in 2010, infiniCloudTM is already the home to several well-recognized companies including NBC and Kaplan, who join a roster of satisfied clients leveraging Logicworks’ managed hosting and private cloud solutions for their critical application, compliance and content needs.
“We are excited to support Ken, Carter and the leadership team at Logicworks as they expand and enhance service offerings to capture the growing market for cloud computing.” said Bill Luby, a founding partner of Seaport. “The company’s combination of engineering talent, top-tier datacenters, and advanced capabilities makes Logicworks one of the best managed services firms we’ve seen in the sector and we are excited to be a key financial partner through its next phase of growth.”
Bill Luby will join the Logicworks Board of Directors. Ziegler and Burden will continue to serve as board members and as senior management within the company.
Signal Hill acted as the exclusive financial advisor to Logicworks in connection with the transaction.
Logicworks exclusively delivers enterprise hosting and cloud solutions to sophisticated, high-growth clients in need of high-availability for their most critical applications and content. Clients can reduce capital expenses, operating overhead and multi-vendor management by relying on Logicworks to be an extension of their technical operations. Through its Managed Hosting, Private Cloud, and infiniCloudTM dynamic compute services, Logicworks offers its diverse client base unmatched access to technology expertise. For additional information, visit www.logicworks.net or call 866-FOR-LOGIC.
About Seaport Capital
Seaport Capital is a New York City-based private equity firm that invests in communications, business services, information services and media companies. The firm has invested approximately $500 million of equity capital in these industries. Seaport is a long-term investor that works with talented management teams to create valuable companies that are leaders in their market segments. Previous sector investments include Switch and Data Facilities Company, Peak10, American Internet Services, and Voxel Dot Net. For additional information about Seaport Capital, please visit www.seaportcapital.com.
About Signal Hill
Signal Hill is an investment banking firm focused on small and mid-cap growth companies and their investors, with particular expertise in Technology, Media, Telecommunications, Education, Business and Healthcare Services and Insurance. Our partner-owned firm supports clients with investment banking, institutional brokerage, and research capabilities and services. Signal Hill Capital Group LLC, a FINRA member, has offices in Ashburn, Baltimore, Nashville, New York and San Francisco. www.signalhill.com