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BV Investment Partners Invests in Right Networks® to Expand Cloud Solutions Offerings to SMB MarketRight Networks, a premier provider of cloud solutions to accountants and small and medium-sized businesses, announced today that it has partnered with BV Investment Partners ("BV"), a Boston-based middle-market private equity firm focused on the business services and IT services sectors. Right Networks, co-founded in 2002 by John Farrer and Philip Romine, is the leading hosting and solutions provider for QuickBooks Desktop accounting software and more than 400 other business-critical applications used by accountants and SMBs. The company's proprietary HyperRight® Virtualization Technology powers its cloud platform to deliver efficient, reliable and scalable cloud solutions to more than 25,000 customers. Through strategic partnerships with Intuit (News - Alert) and Microsoft, Right Networks has built a platform for accountants and SMBs to work in a collaborative and flexible way while continuing to use the software they know and love to effectively grow their business. The partnership announced today with BV will bring investments in the Right Networks platform and infrastructure, along with opportunities for new partnerships and acquisitions to expand and grow its service offerings. The core business focus will remain intact, while leveraging additional resources to enable the delivery of new, full-service cloud offerings to our customers. John Farrer, President and CEO of Right Networks said, "Businesses are moving to cloud-based environments for secure and reliable access to ther files and applications in a familiar format and without any internal IT management obligations. The BV team thoroughly understands our business, and we look forward to working with them to deliver innovative and accessible technology solutions to our valued customers." Matt Kinsey, Partner of BV, said, "John and the management team have done a tremendous job building the business, and we're fortunate to be partnering with them to accelerate growth going forward. Right Networks operates in a sector that we know well and stands out as a highly unique and attractive business with the scale, relationships and technology to capture the tremendous market opportunity in supporting SMB cloud-based workloads." BV will own a majority of the company, while the Right Networks management team will continue to maintain a significant interest. John Farrer will continue as CEO and serve on the Company's Board along with BV Team members Matt Kinsey, Vik Raina, and Sean Wilder. About Right Networks Right Networks is the leading provider of fully-managed application hosting for accounting firms and small to medium businesses who are looking for a way to streamline their workflows and processes. The solution combines advanced proprietary virtualization technology, fully-clustered highly-available infrastructure, and 24x7 world-class support. Right Networks offers the most reliable and scalable environment for you to connect, share and collaborate in the cloud with anytime, anywhere access to your applications and data. For more information, please visit www.rightnetworks.com. About BV BV Investment Partners is currently investing its eighth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.7 billion in 84 companies, actively targeting investments in the information and business services and communications industries. For more information, please visit www.bvlp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160926006377/en/ |
