Protera Technologies Receives Growth Investment from Pamlico Capital
Strategic investment supports Protera’s continued success as it enters a new phase of growth
Pamlico Capital (“Pamlico”) announced today that it has made a growth investment in Protera Technologies, Inc. (“Protera” or the “Company"), a leading provider of public cloud-centric application management and migration services for SAP software, as well as other enterprise IT outsourcing services. CEO Dean Adamopoulos, CTO Patrick Osterhaus, and the management team will maintain significant ownership in Protera and continue to manage the growth of the Company. The partnership with Pamlico will provide Protera with capital and resources to expand its market reach and service offering. Further transaction details were not disclosed.
Founded in 1998, Protera has a differentiated combination of talent, expertise, and technology to deliver unparalleled service to its portfolio of global enterprise clients. The Company’s technology platform, Protera FlexBridge®, automates and streamlines the design, migration, and management of workloads in the cloud, providing clients with a best-in-class solution.
Following the investment, Mike Jennings, former CEO of managed services provider Secure-24, and Alex Brown, founder / former CEO of Microsoft Azure services firm 10th Magnitude, will join representatives from Pamlico on Protera’s board of directors. Jennings and Brown will be valuable partners to Protera’s management team in scaling the business to meet the market’s rapidly growing demand for cloud services.
Protera’s management team in scaling the business to meet the market’s rapidly growing demand for cloud services.
“Protera has a tremendous opportunity to serve our clients as they migrate SAP and other enterprise workloads to the public cloud, and we are extremely well-positioned with the market’s leading team and technology platform,” said Dean Adamopoulos, CEO. “We are excited to welcome Pamlico as our first institutional investor. Pamlico deeply understands our business and brings resources and a breadth of experience scaling founder-owned companies to help us achieve our vision for Protera.”
“Over the last decade, we have successfully invested in both application management, with Secure-24, and hyperscale public cloud services, with 10th Magnitude,” said Scott R. Stevens, Pamlico Partner. “Given these experiences, we have an appreciation for the market opportunity in public cloud application management and the uniqueness of the platform that the Protera team has built.” Andrew Tindel, Pamlico Principal, added, “We’ve really enjoyed getting to know the Protera team and are excited to partner with them, along with Mike Jennings and Alex Brown, to continue building the market’s leading application-focused public cloud managed services provider.”
Protera was advised by Holland & Knight LLP (legal advisor) and Pamlico was advised by Alston & Bird LLP (legal advisor).
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.