Moorgate ADVISES SCHURZ COMMUNICATIONS ON ITS ACQUISITION OF ONLINE TECH
Ann Arbor, MI -- Schurz Communications Inc. announced today that it has acquired leading compliant hybrid cloud provider, Online Tech, LLC. The acquisition represents Schurz’s entrance into the rapidly-growing cloud market. Industry veterans, Brad Cheedle and Tom Wilten of Cloudworthy join the current leadership team and will serve as the CEO and CFO, respectively. Moorgate Capital Partners acted as exclusive financial advisor to Schurz Communications.
During the sale of its broadcast assets in late 2015, the Schurz family retained Moorgate Capital Partners to assist with its growth and diversification strategy. After an extensive vetting process, the cloud managed services sector was identified as the best fit for Schurz.
“The question we were grappling with in late 2015 after the sale of our broadcast properties was: How do we position the company for growth for future generations? We were looking for something that aligned with our values and our core competencies but also was in an exciting and high growth area that we could build upon,” said Todd Schurz, President and CEO Schurz Communications, Inc. “The cloud represents all of that for us.”
Moorgate introduced Schurz to Brad Cheedle and Tom Wilten of Denver based Cloudworthy, who were looking for a well-managed, high-growth hybrid cloud company. After evaluating numerous companies in the space together, Online Tech emerged as the clear favorite, meeting the criteria of both Schurz and Cloudworthy.
“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.
Online Tech plans to accelerate and expand its footprint into additional underserved markets across the nation to ensure more customers have access to secure and compliant hybrid cloud solutions, superior customer support and managed IT services.
“The Schurz family are tremendous partners and will allow Online Tech to realize the full potential of its proven platform,” said Wilten. “Schurz’ support will allow us to expand the company’s product portfolio and enter in to new markets that are currently underserved. This is an exciting opportunity and we are looking forward to helping more customers solve their complex IT challenges as they migrate to the Cloud.”
For additional information on this transaction, please see the Online Tech's press release.