02-05-18 | Press Release
Ann Arbor, Michigan – February 5, 2018 – Online Tech, LLC announced today that it has been acquired by Schurz Communications Inc., a diversified media company. Online Tech plans to leverage the investment capabilities of Schurz to expand to new markets across the United States and expand their product offerings.
In connection with the acquisition, Online Tech will add industry veterans, Brad Cheedle and Tom Wilten to its leadership team to serve as the company’s new CEO and CFO, respectively.
Yan Ness, who will step down as CEO of Online Tech, said that the acquisition will benefit Online Tech customers. “This transaction is truly win-win-win. Online Tech gets the perfect capital partners to grow the business and reach more customers than ever before. The Schurz family gets an industry-leading platform to build on and to help diversify their family business. And our clients get a much more capable IT partner who will have a renewed focus on creating exceptional customer experiences.”
Online Tech currently serves nearly 500 clients across the country with its network of seven data centers and full suite of hybrid cloud services including managed Microsoft Azure, Disaster Recovery as a Service, and Data Protection as a Service. With a focus on security and compliance, their expert engineers support mission-critical applications and their client portal provides a single pane of glass into managing their entire IT systems.
“Online Tech is an incredible company with great forward-looking people and an innovative approach to helping customers migrate to the cloud. Their customer portal is a true differentiator in our industry and provides full visibility to their secure and compliant hybrid cloud and colocation solutions,” said Brad Cheedle, Online Tech’s CEO.
Online Tech plans to further expand its national footprint, enabling access to secure and compliant hybrid cloud solutions, superior customer support and managed IT services to a broader range of companies.
“Our company is known for patient capital that assists growing companies realize their aspirations. Online Tech represents one of the most exciting opportunities in the cloud market today. The strong and proven management team has ambitious goals in this rapidly growing industry and we are excited to provide the support necessary to achieve them,” said Todd Schurz, CEO of Schurz Communications.
DH Capital served as the exclusive financial advisor for Online Tech.
Moorgate Securities, LLC acted as the exclusive financial advisor for Schurz Communications Inc.
Online Tech is the leader in secure, compliant hybrid cloud, colocation, disaster recovery and data protection services. Their industry-leading portal, OTPortal™, enables clients to view and manage all of their IT systems in a single pane of glass. Backed by independent HIPAA, PCI, SSAE 18, EU-US Privacy Shield and SOC 2 audits Online Tech delivers exceptional experiences for businesses seeking a fully managed IT-as-a-service provider. For more information, call 877-740-5028 email [email protected] or visit www.onlinetech.com.
Schurz Communications Inc. is a Mishawaka, Indiana-based news and information company that consists of broadband, newspaper publishing and digital media operations. It owns 3 broadband companies servicing over 75,000 subs, publishes 11 daily and 7 weekly newspapers in medium and small markets with a daily circulation of 129,467 and weekly circulation of 95,800, various niche publications, and multiple minority investments. Geographically, Schurz Communications has a presence in Arizona, Indiana, Iowa, Maryland, Michigan, Nebraska, Pennsylvania and South Dakota. For more information, visit www.schurz.com.
Moorgate Capital Partners is an independent merchant banking and advisory firm that looks to partner with industry leading executives and management teams to source and acquire middle market growth companies in the technology, media, and communications industries. Additionally, Moorgate provides independent, trusted advisory services and outsourced corporate development to a focused group of clients. Moorgate has offices in New York City and San Francisco. For more information, visit www.MoorgatePartners.com.
DH Capital is a private investment banking partnership serving companies in the Internet infrastructure, software and IT services, and communications sectors. Headquartered in New York City with offices in Boulder, Colo., the firm’s principals have extensive experience and proven abilities in capital formation, finance, research, business development, and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including mergers and acquisitions, private capital placements, financial restructuring, and operational consulting. DH Capital has completed over 148 M&A transactions and private capital placements totaling more than $20 billion in value. For additional information about DH Capital, please visit our website at www.dhcapital.com.
Christopher Rizzo, Marketing Manager, Online Tech, 734.213.2020 x 116 or [email protected].