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WestView Capital Partners Invests in VC3
Columbia, South Carolina and Boston, Massachusetts
VC3, Inc. (“VC3” or “the Company”), a leading provider of managed IT hosting and support services primarily to the municipal government sector, today announced a growth equity investment by WestView Capital Partners, a Boston-based private equity firm focused on middle market growth companies.
Headquartered in Columbia, South Carolina, the Company offers a full suite of managed IT solutions including private cloud hosting of industry specific applications, hosted desktops, hosted VoIP, fully managed networks and 24×7 help desk services. VC3 also develops website and web application solutions and software that enhance the automation and productivity of its clients business processes.
“VC3 has worked hard to develop comprehensive managed IT service and technology offerings uniquely suited to the needs of today’s municipal organizations,” said David Dunn, Founder and CEO of VC3. “Our longstanding focus in local government has enabled us to build a significant market presence in the Southeast and with WestView’s expertise in the IT outsourcing and software sectors we look forward to significantly broadening our geographic footprint and service offering.”
“VC3’s proven IT managed services platform uniquely addresses the pain points and increasing complexities facing today’s municipal government agencies,” said Matt Carroll, General Partner at WestView, who will join VC3’s Board of Directors. “The Company’s rapid growth throughout the Southeast, along with exceptional track record of customer retention and satisfaction exemplifies management’s commitment to innovation and service. We are excited to be partnering with David Dunn, Sandy Reeser, and the entire VC3 team as the Company continues its impressive growth trajectory,” added Carroll. “Our investment in VC3 continues our tradition of backing passionate and entrepreneurial management teams in the technology services market,” added Greg Thomas, a Principal of WestView who will also join the Board of Directors.
VC3 was advised by Media Venture Partners (MVP), an investment banking firm serving companies in the technology, media, telecom and renewable energy sectors. Senior debt financing was provided by Abacus Finance Group, LLC.
VC3 is a leading managed services provider with a unique focus on the municipal government sector. Founded in 1994 and headquartered in Columbia, South Carolina, the Company offers a full suite of cloud and Managed IT solutions with a focus on higher value services including application management, infrastructure hosting, custom software and web development. The Company provides a wide range of hosted applications in the Cloud, including desktops, unified communications, and has virtualized and hosted over 300 applications. By offering a comprehensive set of products and services that cater to a wide range of IT requirements, including application and web development services, VC3 has multiple points of entry for initiating a client relationship and an established track record for cross-selling additional services over successive years. For more information, please visit www.vc3.com.
About WestView Capital Partners:
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1 billion in capital across three funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as business services, software and IT services, consumer, healthcare technology and outsourcing and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $50 million. For more information, please visit www.wvcapital.com.
About Media Venture Partners:
Providing strategic counsel and financial services, mergers and acquisitions advisory services, private equity and debt raises, valuations and appraisals, Media Venture Partners (“MVP”) has completed over $17 billion in transactions and focuses on clients in the technology, telecom, towers, datacenter, hosting, media and renewable energy industries. Founded in 1987, Media Venture Partners has offices in San Francisco, Boulder, Kansas City, New York and Boston. Securities and Advisory Services are offered through Financial Telesis Inc., member SIPC/FINRA. For further information, visit www.mediaventurepartners.com