Intermedia has announced today that its previously disclosed acquisition by Chicago-based private equity firm Madison Dearborn Partners, together with company management, has closed.
In May 2011, Intermedia was acquired by private equity firm, Oak Hill Capital Partners, and has since transformed from a business email and web hosting company to a provider of over 30 Office in the Cloud applications. Intermedia has also more than tripled revenues (to an annualised revenue run rate of $200M), operating profits (EBITDA), users and product offerings during this time.
“Our partnership with MDP gives us added flexibility and resources to further strengthen our leadership position,” said Michael Gold, CEO of Intermedia. “With a shared vision of the future, we plan to accelerate growth through increased investments in our cloud management platform, channel solutions, communities and programs, our J.D. Power-certified support experience, new and existing products, targeted industry solutions, and potential additional acquisitions.”
“We are pleased to welcome Intermedia into the MDP family,” said Zaid Alsikafi, a Managing Director at MDP and Intermedia’s new Chairman. “Intermedia has been able to successfully capitalise upon the global shift to the cloud and possesses tremendous potential to capture further market opportunities. We look forward to working alongside Mike and the Intermedia senior management team as we further scale the business.”
Michael Gold remains Chief Executive Officer of Intermedia, and the company’s headquarters continues to be in Mountain View, California. Phil Koen, Intermedia CEO until early 2015 and most recently the company’s Executive Chairman, will continue in an advisory role to the CEO.
As part of the transaction, Intermedia’s shareholders, led by Oak Hill, have sold their stake in the company to MDP and company management. Financial terms of the transaction were not disclosed.
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