Layered Tech Gets $20M in Equity Funding
February 4th, 2010 By: Rich Miller
Layered Technologies has received a $20 million equity investment from an investor group led by Accel-KKR, which will help fund growth initiatives for the Texas hosting and IT infrastructure provider, which could include acquisitions.
Accel-KKR, a private equity firm, was joined in the funding by Layered Tech’s two primary existing investors, Enhanced Equity Fund, L.P., and Pangloss International
Layered Tech, which is based in Plano, said the funding will be used for continued growth and expansion of its dedicated hosting, managed services and cloud computing offerings, as well as enhancing support of its existing customer base.
Layered Tech has a track record of moving quickly to put its funding to work. In March 2008 the company received an $11 million investment from Enhanced Equity and Pangloss, and a month later acquired FastServers in a deal that accelerated Layered Tech’s entry into managed services.
“We are very pleased to begin this relationship with Accel-KKR, which is well known for its assistance of technology companies in accelerating their growth while increasing their value to investors and customers alike,” said Layered Tech Chairman and CEO Jack Finlayson. “Accel-KKR’s long-term commitment and strong capital base strengthens Layered Tech’s financial foundation. This partnership is key to our ability to grow organically and through aggressive strategic acquisition programs.”
Accel-KKR is a private equity firm that focuses on the tech sector and has more than $1 billion in assets under management. Accel-KKR has a history of working on buyouts and recapitalizations of family-owned or closely-held private companies.
“The Layered Tech team has rapidly established an impressive managed services, virtualization and cloud computing business, driven by one of the strongest product offerings in the market and superior operational expertise,” said Ben Bisconti, Managing Director of Accel-KKR. “Jack Finlayson and his team have been building an exceptional company, and we look forward to partnering with them as they continue their strong track record of growing the business.
“In this challenging economic environment, we believe a well-capitalized business has a competitive advantage in delivering outstanding quality and service to the marketplace,” Bisconti added. “We are excited to be joining existing investors in assuring Layered Tech has all the resources necessary to build on its leadership position and continue to deliver world-class solutions to its customers.”