NEW YORK, NY--(Marketwired - December 15, 2016) - Seaport Capital ("Seaport"), a private equity firm focused on investments in communications, information and business services companies, announced the sale of its portfolio company, Logicworks, to Pamplona Capital Management ("Pamplona"). Located in New York City, Logicworks is a leading provider of cloud automation and managed services for Amazon's public cloud, Amazon Web Services ("AWS"). Through its Managed AWS ("mAWS") offering and Private Cloud, Logicworks provides its clients not only with IT infrastructure and services to house their data, but also with access to highly-qualified IT professionals that would otherwise be unavailable cost-effectively.
Seaport invested in Logicworks in March 2011 alongside Carter Burden III, founder of Logicworks. Since then, Logicworks has exhibited exceptional growth, predominantly through the success of its mAWS offering. During Seaport's investment period, Logicworks was able to significantly grow revenue while scaling the business and increasing EBITDA.
"Partnering with Seaport has been an extremely positive experience," said Carter Burden III, founder of Logicworks. "Seaport has deep experience and an exceptional track record in the managed services sector, and their support was critical in Logicworks becoming a first-mover and leader in the managed AWS space. I am very proud of Logicworks' evolution, the strength of our position in the market and our extraordinary team."
"Working alongside Carter and the Logicworks team led to a successful outcome, as evidenced by the growth of the company's service offering, increase in scale of the business and strong position as a clear leader in the AWS partner ecosystem," said Bill Luby, Partner at Seaport Capital. "Ken Ziegler, Logicworks CEO and the rest of the management team did a phenomenal job strategically positioning the company and then driving revenue and cash flow."
"I have enjoyed working with Bill Luby and his thoughtful team at Seaport since their initial investment," commented Ken Ziegler, CEO of Logicworks. "Thanks to their aligned financial structuring, assistance with financings and history and experience around the managed services and infrastructure space, Seaport added significant value during their involvement with the company and helped position Logicworks for continued growth and success into the future with our new partner."
William Blair & Co. served as Logicworks' exclusive financial advisor on this transaction.
ABOUT LOGICWORKS
Logicworks is a leading cloud automation and managed services provider. As an AWS Premier Partner and a member of the AWS Managed Services Program, Logicworks has proven expertise in managing complex cloud infrastructures for enterprise clients in the healthcare, financial services and commerce industries. For additional information, visit www.logicworks.net.
ABOUT SEAPORT CAPITAL
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, business services, and media sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport's extensive investing experience enables it to develop successful strategies; its relationships and resources help achieve them. The firm seeks to invest $10 to $25 million of equity capital in private companies with enterprise values of between $20 and $100 million.
For additional information, visit www.seaportcapital.com.
Contact Information:
For more information, contact:
Annie Gladue
Jedemi Communications for Seaport Capital
415-302-8990
annie@jedemi.com
Bob Tamashunas
Seaport Capital
212-847-8900
btamashunas@seaportcapital.com