ANN ARBOR, Mich.--(BUSINESS WIRE)--Schurz Communications Inc. announced today that it has acquired leading compliant hybrid cloud provider, Online Tech, LLC. The investment represents entrance into the rapidly-growing cloud market with a proven platform that can be built upon for future generations. Industry veterans, Brad Cheedle and Tom Wilten of Cloudworthy join the current leadership team and will serve as the CEO and CFO, respectively.
Online Tech currently serves nearly 500 clients across the Midwest with its network of seven data centers and full suite of hybrid cloud services including managed Microsoft Azure, Disaster Recovery as a Service, Data Protection as a Service. With a focus on security and compliance, their expert engineers support mission-critical applications and provide enterprise-class infrastructure to mid-market customers across a range of industries. DH Capital, LLC served as the exclusive financial advisor to Online Tech.
During the sale of its broadcast assets in late 2015, the Schurz family retained Moorgate Capital Partners to assist with its future growth and diversification strategy. After an extensive vetting process, the cloud managed services sector was identified as the best fit for Schurz.
“The question we were grappling with after the sale of our broadcast properties was: How do we position the company for growth for future generations? We were looking for something that aligned with our values and our core competencies but also was in an exciting and high growth area that we could build upon,” said Todd Schurz, President and CEO Schurz Communications, Inc.. “The cloud represents all of that for us.”
Moorgate introduced Schurz to Brad Cheedle and Tom Wilten of Cloudworthy, who were looking for a well-managed, high-growth hybrid cloud company that focused on compliance and security with an industry leading client portal that could offer customers a Single Pane of Glass across a customers varied IT environments. After evaluating numerous companies in the space together, Online Tech emerged as the clear favorite, meeting the criteria of both Schurz and Cloudworthy.
“Our company is known for patient capital that assists growing companies realize their aspirations. Online Tech represents one of the most exciting opportunities in the cloud market today. The strong and proven management team has ambitious goals in this rapidly growing industry and we are excited to provide the support necessary to achieve them,” said Todd Schurz.
Online Tech plans accelerate and expand its footprint into additional underserved markets across the nation to ensure more customers have access to secure and compliant hybrid cloud solutions, superior customer support and managed IT services.
“The Schurz family are tremendous partners and will allow Online Tech to realize the full potential of its proven platform,” said Wilten. “Schurz’ support will allow us to expand the company’s product portfolio and enter in to new markets that are currently underserved. This is an exciting opportunity and we are looking forward to helping more customers solve their complex IT challenges as they migrate to the Cloud.”
About Schurz Communications Inc.
Schurz Communications Inc. is a Mishawaka, Indiana-based news and information company that consists of broadband, newspaper publishing and digital media operations. It owns 3 broadband companies servicing over 75,000 subs, publishes 11 daily and 7 weekly newspapers in medium and small markets with a daily circulation of 129,467 and weekly circulation of 95,800, various niche publications, and multiple minority investments. Geographically, Schurz Communications has a presence in Arizona, Indiana, Iowa, Maryland, Michigan, Nebraska, Pennsylvania and South Dakota. For more information, visit www.schurz.com.
About Online Tech
Online Tech is the leader in secure, compliant hybrid cloud, colocation, disaster recovery and data protection services. Their industry-leading portal, OTPortal™, enables clients to view and manage all of their IT systems in a single pane of glass. Backed by independent HIPAA, PCI, SSAE 18, EU-US Privacy Shield and SOC 2 audits Online Tech delivers exceptional experiences for businesses seeking a fully managed IT-as-a-service provider. For more information, call 877-740-5028 email firstname.lastname@example.org or visit www.onlinetech.com.
About Moorgate Capital Partners, LLC
Moorgate Capital Partners is an independent merchant banking and advisory firm that looks to partner with industry leading executives and management teams to source and acquire middle market growth companies in the technology, media, and communications industries. Additionally, Moorgate provides independent, trusted advisory services and outsourced corporate development to a focused group of clients. Moorgate has offices in New York City and San Francisco. For more information, visit www.MoorgatePartners.com.