Frontier Capital, a Charlotte-based growth equity firm, announced its investment in ConnectSolutions, Inc., a private-cloud service provider of Unified-Communications-as-a-Service (UCaaS) solutions for large enterprise and government organizations.
With the help of ConnectSolutions' UC3 Platform, the organizations can achieve rapid deployment which will improve the quality of service while lowering overall costs. ConnectSolutions’ ready comprehensive UC solution architecture with UC3 Platform eliminates the difficulties and risk of building and managing a UC stack internally.
Frontier has a long-standing expertise in investing in technology enabled business services and the investment in ConnectSolutions reflects its continuing investment strategy. It makes minority and majority equity investments in high growth companies. Frontier has an excellent track record of delivering returns to both its investors and its management partners.
The company will continue to be led by co-founders Michael Fitzpatrick, the chief executive officer, and Chris Tennant, chief technology officer. Frontier’s $10 million minority equity investment provided growth capital to support the company’s continued expansion and liquidity for shareholders.
"Frontier is excited to partner with a team with such deep domain expertise," said Joel Lanik, partner of Frontier Capital. "ConnectSolutions is well-positioned to become a leading managed services provider for many of the top products in the UCaaS and web conferencing markets."
"Over the past several years, we have significantly grown revenues and increased market share through meaningful relationships with technology and channel partners," said Michael Fitzpatrick. "With Frontier's support and strategic guidance we will accelerate that growth."
Founded in 1999, Frontier Capital, is a Charlotte-based growth equity firm that focuses exclusively on technology enabled business services. It partners with management teams of companies that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity.
ConnectSolutions, Inc., provides UCaaS solutions for large enterprise and government organizations and has partnered with leading technology providers that include Adobe (News - Alert), Microsoft, and Cisco.
The transaction was officially declared closed on December 27, 2012.
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