SANTA MONICA, CA – November 29, 2011 – Clearlake Capital Group, L.P. (“Clearlake”) today announced that it sponsored the recapitalization of Solutionary, Inc. (“Solutionary” or the “Company”) and simultaneously provided a significant capital infusion to the Company. Additional terms were not disclosed.
For over a decade, Solutionary has been an industry leader and award winning customer service organization, providing security services that reduce risk, increase security and ensure compliance for enterprise and mid market companies alike. The company’s multi-patented flagship platform, ActiveGuard®, processes more than 500 billion security events annually, offering global customers 24/7 threat detection, device management and correlated security intelligence.
“This is another significant milestone for Solutionary as we continue to meet and surpass our growth goals,” said Steve Idelman, CEO of Solutionary. “With this round of funding from Clearlake Capital, we will continue to build our global presence to help organizations remain constantly vigilant, to focus on new opportunities in the enterprise and mid markets, and also to increase our marketing efforts to establish greater visibility for our security research, intelligence and expertise. Having constant security intelligence and a strong defense posture is no longer a choice for organizations living in a world of hacktivists and Advanced Persistent Threats.”
Steve Chang, Clearlake Founding Partner, said, “We are excited about our new partnership with Solutionary. During our due diligence, Solutionary clearly stood out among all MSSPs in five important areas: technology, operational strength, customer focus, market vision and management expertise, and we believe this unique combination helps position the Company for explosive growth.” Chang added, “Our investment recapitalizes Solutionary and will help accelerate its growth trajectory. We look forward to a long and successful relationship with Solutionary and its talented management team.”
Mr. Chang and Prashant Mehrotra, a Vice President at Clearlake, have joined the Company’s Board of Directors.
Clearlake Capital Group, L.P. is a private investment firm focused on special situations 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 business services, communications and media, energy and power, healthcare, manufacturing, retail/consumer and technology. For more information, please visit www.clearlakecapital.com.
Solutionary reduces the information security and compliance burden by delivering flexible managed security services that align and enhance client goals, existing security programs, infrastructure and personnel. The company’s services are based on experienced security professionals, data-driven and actionable threat intelligence, and the ActiveGuard service platform that provide expert security and compliance management. Solutionary works as an extension of clients’ internal teams, providing industry-leading customer service, patented technology, thought leadership, years of innovation and proprietary certifications that exceed industry standards. This client focus and dedication to customer service has enabled Solutionary to boast one of the highest client retention rates in the industry. Solutionary provides 24/7 services to mid-market and global, enterprise clients through two security operations centers (SOCs) in North America. For more information, please visit www.solutionary.com.
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