FOR IMMEDIATE RELEASE
CLEARLAKE CAPITAL COMPLETES ACQUISITION OF BLUEFLY, INC.
Industry Veterans Neel Grover and Greg Giraudi Named Co-Chairman & CEO and President, Respectively
Santa Monica, CA and Seattle, WA September 11, 2012 – Clearlake Capital Group, L.P. and NetMotion Wireless, Inc. today announced that Clearlake has acquired NetMotion, the leading provider of mobile virtual private network (VPN) and network performance management software solutions. Terms of the transaction were not disclosed.
“NetMotion is the clear market leader with unmatched technology and an exceptional leadership team that has successfully continued to grow its suite of offerings. We look forward to working closely with management to bring NetMotion’s products to many untapped vertical markets and deliver next generation solutions to continue serving the company’s loyal customer base as we seek to enhance value at this exciting company,” said Behdad Eghbali, Founding Partner at Clearlake.
“We are very pleased to partner with NetMotion at this important time in the Company’s growth trajectory,” added Prashant Mehrotra, Vice President at Clearlake. “We believe the company is well-positioned to benefit from significant market trends, including the continuing rise in the number of mobile workers, the increasing use of mission-critical applications on mobile devices, and numerous regulatory changes requiring greater data security.”
NetMotion’s Mobility XE product suite is the market’s leading mobile VPN and increases data security and mobile worker productivity by enabling secure, reliable and persistent mobile connections to corporate networks across wireless coverage areas and between disparate wireless networks. NetMotion’s new Locality product is the first and only cellular network performance management software, providing organizations the insight and visibility needed to optimize their mobile data deployments.
“More than 650,000 licenses of our products have been sold to date, and with increasing demand from new industries and geographies for advanced mobile connectivity and productivity solutions, we believe the Company has a very robust market opportunity,” said Bob Hunsberger, the CEO of NetMotion since 2006. “Clearlake shares our vision to accelerate growth by capitalizing on this dynamic period for our industry, and with their partnership and technology sector expertise we are energized for NetMotion’s future.”
Chris Gibbons, a Clearlake Operating Partner and former Chief Information Officer of Microsoft Corporation, will serve as chairman of NetMotion’s board of directors. “For more than a decade, NetMotion has consistently delivered next generation products that meet the evolving needs of mobile workers,” said Mr. Gibbons. “NetMotion’s Mobility and Locality products are scalable platforms that enable superior functionality for a range of customers from local businesses through global enterprises.”
Mr. Eghbali and Mr. Mehrotra have also joined NetMotion’s board of directors.
Sagent Advisors LLC served as financial advisor to NetMotion. BMO Capital Markets served as financial advisor and Cooley LLP served as legal advisor to Clearlake.
ABOUT NETMOTION WIRELESS
NetMotion Wireless develops software to manage, secure and optimize wireless data deployments for organizations with mobile field workers. The company’s products address the unique challenges introduced by the use of wireless. Mobility XE, the market’s most deployed mobile VPN, increases mobile worker productivity by keeping them connected as they move in and out of wireless coverage and roam between networks. And Locality, the first and only cellular network performance management software, provides the detailed device, network and application information organizations need to maximize their wireless investments. More than 2,000 of the world’s most respected enterprise, government, utility, healthcare, public safety, insurance and other organizations rely on NetMotion Wireless to improve their mobile productivity. Headquartered in Seattle, Washington. For more information, please visit www.netmotionwireless.com.
ABOUT CLEARLAKE CAPITAL GROUP
Clearlake Capital Group, L.P. is a private investment firm focused on special situations private equity such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in businesses going through change. Clearlake’s founding principals have led over 50 investments totaling more than $2.7 billion of capital in sectors including technology, communications and media, business services, energy and power, healthcare, manufacturing and retail. For more information, please visit www.clearlakecapital.com.
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