Investment Will Enhance World-Class Cloud and Colocation Capabilities
DES MOINES, IA, September 14, 2021 – LightEdge, a leading provider of colocation, cloud and managed service solutions, based in Des Moines, today announced that GI Partners, a leading private investment firm, has acquired a controlling interest in the business. GI Partners’ investment will support and accelerate the growth of LightEdge.
GI Partners has invested extensively in infrastructure companies and properties underpinning the digital economy for 20 years. GI Partners is acquiring LightEdge through its GI Data Infrastructure Fund which was launched last year and manages over $1.8 billion of capital commitments.
“I am very proud of what we accomplished together with our owners, The Anschutz Corporation, over the years. We never took our eye off the vision for this company and Anschutz supported us the entire journey. We got to know the GI Partners organization over the last year, and I believe we found the perfect investment partner to help take our company to the next level,” said Jim Masterson, CEO of LightEdge.
“Over the last several years, LightEdge has emerged as a leading platform for colocation and cloud and managed services, particularly in the Midwest region. The Company has a proven model for delivering excellent service to enterprise customers in an increasingly complex hybrid-cloud world. We look forward to partnering with Jim and the LightEdge team to realize their vision for growth in the business,” said Mark Prybutok, Managing Director of GI Partners.
LightEdge operates seven data centers in Des Moines, Kansas City, Omaha, Austin and Raleigh. LightEdge has been majority-owned by The Anschutz Corporation since 2008.
“The acquisition reflects the tremendous value that LightEdge has built over the past 14 years and it was important for us to find the right investment organization to take LightEdge to the next growth phase of the company. GI Partners is the perfect hand-off and we have no doubt the future remains bright for the entire LightEdge team and its customers,” said Augie Cruciotti, Managing Director at The Anschutz Investment Company.
Paul Hastings acted as legal counsel to GI Partners. Bank Street Group LLC acted as exclusive financial advisor to LightEdge and The Anschutz Corporation, and Hogan Lovells acted as legal counsel.
LightEdge Solutions is a leading hybrid cloud and colocation service provider with seven purpose-built data centers across the Midwest and Texas. With 25 years in business, LightEdge offers a full stack of best-in-class services delivering unbeatable uptime, security, and flexibility for businesses’ mission-critical IT. Their premier colocation, cloud, disaster recovery, and security solutions are designed to support complex hybrid IT deployments and audited against the industry’s top global security and compliance standards. For more information, visit www.lightedge.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 100 employees based in San Francisco, California with offices in New York, Chicago, Greenwich, CT, and Scottsdale, AZ. The firm has raised over $29 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.
About The Anschutz Corporation
The Anschutz Corporation is a privately held company based in Denver, Colorado. The company has diversified investments worldwide in hospitality, technology, traditional and renewable energy, real estate, and media/entertainment.
EPSoft Technologies, the creator of EZFlow, has named Mike Magnifico as Chief Executive Officer (CEO) to succeed company founder Gopal Parvathaneni, effective August 9, 2021. Mr. Parvathaneni, who has served as CEO since co-founding the company in 2015, will be stepping down as CEO and will remain active in his role with the company as Board Chairman.
Mr. Magnifico joins EPSoft after serving as an advisor to the company for several years, previously sitting on the EPSoft Advisory Board. Over the last 25 years, Mr. Magnifico has worked professionally with multiple startups and Fortune 500 companies, serving as an executive across various roles.
EPSoft Chairman Mr. Parvathaneni says Mr. Magnifico’s experience and vision made him the perfect candidate for the role. “Mike is a proven leader,” says Mr. Parvathaneni. “He brings with him a unique combination of exceptional business acumen and organizational leadership. It’s exactly the kind of experience EPSoft needs at the helm as the company looks to scale in the stages ahead.”
Mr. Parvathaneni says he’s proud of his tenure at EPSoft and looks forward to transitioning to his new role. “It’s been a privilege to serve as CEO since the company’s inception,” he says. “This feels like an appropriate time for a leadership change and I look forward to continuing to watch it succeed under Mike’s leadership and vision.”
EPSoft Chief Operating Officer (COO) and co-founder Paul Ondrej agreed, and added that Mr. Magnifico’s presence on the company’s advisory board gave him a unique perspective and opportunity to start with an insider’s view. “We’ve been fortunate enough to work with Mike in a consultative capacity for several years,” says Mr. Ondrej. “As a member of our advisory board he has been indispensable, providing a valuable business perspective.”
Co-founder and Chief Product Office Sri Srujan Mandava echoed Mr. Ondrej. “Mike brings with him a unique subject matter expertise,” says Mr. Srujan Mandava. “We look forward to continuing to build on that relationship.”
Mr. Magnifico expressed his gratitude, saying, “I am grateful for the opportunity, and appreciative of the trust and support of the EPSoft leadership team. I look forward to ushering in sustainable growth and building a successful customer-focused strategy.”
He went on to describe his excitement for the company’s potential. “It’s an honor to be named CEO of such an outstanding organization,” says Mr. Magnifico. “Our product platform is designed and built for the modern business in every way—meeting the most important operational challenges, especially post-COVID. Following their vision for EPSoft, Gopal, Paul, and Sri have built a company that is ripe for incredible upward mobility.”
Discussing company goals, Mr. Magnifico says, “My biggest focus will be driving growth. Anyone can claim to be ‘customer-focused,’ but the true measurement of success is through growth and new customer acquisition. I think a big part of that is helping business leaders understand how empowering the EZFlow platform is.
“More than ever before, businesses understand that neglecting the business process and failing to improve it can bring real problems,” says Mr. Magnifico. “The EZFlow platform delivers process efficiencies across the board. It has all the technical power of a robust automation platform—but instead of creating another IT solution, we specifically built it for the business user.” Mr. Magnifico also went on to say that this focus on the business user will be a differentiator for EPSoft in the marketplace. “The market doesn’t need yet another technically complicated, confusing automation platform. It wants to empower businesses to automate the processes they own. EZFlow does this and more, solving modern business challenges by putting the power back into the hands of the business user.”
About EPSoft Technologies
EPSoft Technologies (www.epsoftinc.com) is a global software company that creates end-to-end business process automation tools. Since 2015, EPSoft has helped organizations drive critical insights for better decision making and deliver optimal performance and productivity through its intelligent automation platform, EZFlow. EPSoft is based in Dallas, Texas, with additional locations in Canada and India.
Chargify, the leading billing platform for B2B SaaS, today announced the appointment of Matt Downs as Chief Revenue Officer (CRO) effective immediately. Downs is an accomplished leader who is known for bringing vision, strategy, and an innate ability to see and set growth trends. He will play a pivotal role as Chargify and SaaSOptics are brought together as the industry leading SaaS subscription billing and revenue platform.
Downs’ appointment marks the next step for Chargify as it looks to further accelerate its growth. It is the first senior appointment to Chargify’s C-suite level team since it was first announced in April 2021 that Battery Ventures led a combined majority growth-equity investment of more than $150 million in Chargify and SaaSOptics. The two complementary cloud-based platforms together manage more than $10 billion in customer annual recurring revenue. This combination will create a financial solutions powerhouse serving the growing universe of industries that are shifting to a subscription-based model.
“I’m very excited to join the organization as we work to bring their two complementary platforms together,” said Downs. “Both companies are full of bright people who are dedicated to helping SaaS companies be successful by focusing on developing and delivering innovative solutions for clients.”
Downs joins Chargify and SaaSOptics from WorldPay, where over a ten year period he and his team drove significant growth and developed the software partnership business from the ground up to reach one billion in revenue, an industry record. During this time, Downs also was a key part of the industry’s most successful IPO and played a key M&A role in a highly acquisitive environment.
“Matt has an impressive reputation for leading high-growth teams that scale, transform, and innovate at fintech companies,” said Michael Klett, Co-Founder and Chief Technical Officer of Chargify. “The entire team is looking forward to working with Matt as we move forward during an exciting period of intense growth and change at both Chargify and SaaSOptics.”
Downs also previously spent eight years with First Data (Fiserv) where he scaled multiple regional sales organizations focused on distribution of payments through alliance partnerships with leading financial institutions, such as Citi Bank and JP Morgan Chase. In 2008, he co-founded a first-to-market payments company, Century Payments, and was one of the pioneers in driving security and payments monetization for software and SaaS companies.
Downs will be based in Colorado and split his time between Chargify’s San Antonio headquarters and SaaSOptics’ Atlanta headquarters respectively. Learn more about Chargify at www.chargify.com.