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Evolve IP to Receive Majority Investment from Great Hill Partners to Drive Growth and Expansion

May 12, 2016 / Evolve IP

Customers and Distribution Partners to Benefit from Broader Scope of Services, Support and Scale

Evolve IP to Expand Headcount and Geographic Footprint to Drive Growth

Significant Capital Available to Fund M&A Initiatives

Wayne, PA – May 12 – Evolve IP, The Cloud Services Company™, today announced that it will receive a majority investment from Great Hill Partners, a leading middle-market growth-oriented private equity firm, providing growth capital and significant additional funds for strategic acquisitions. Evolve IP will use the capital to accelerate its growth plans, including increasing its product offerings, growing its geographic footprint and expanding headcount across all areas, while continuing to provide its customers and partners with solutions that are fast, efficient, cost-effective and secure. Evolve IP will also use this investment to expand and enhance its national distribution channels, including Value Added Resellers, Direct Market Resellers and Master Channel Partners. The terms of the transaction were not disclosed.

Since launching in 2007, Evolve IP has been one of the nation’s fastest growing cloud services companies. Its industry-leading solutions are designed to provide organizations with a unified option for cloud services, including: virtual servers, disaster recovery, IP telephony, unified communications (Internet, phone and data) and contact centers. The Company’s services are currently deployed in four continents and 15 countries, to more than 1,300 commercial business accounts with more than 100,000 users, licensed seats and managed end points. In contrast to the legacy, on-premise model in which an organization continually needs to re-invest in its own infrastructure, Evolve IP efficiently migrates organizations to the cloud – freeing up IT resources, eliminating capital expenditures and lowering total cost of ownership.

Evolve IP’s continuous innovation, breadth of services and commitment to customer service has resulted in a consistent track record of growth. Evolve IP has been recognized by industry experts for its best-in-class offerings, innovation, customer satisfaction and track record of growth. Recent accolades include: named to Deloitte’s 2015 Technology Fast 500 as one of the fastest growing technology companies in North America; named one of the “Best Entrepreneurial Companies in America” by Entrepreneur360; named 2015 Inc. 5000 and 2012 Inc. 500 Honoree; and named to “Philly’s Coolest Companies 2015” by BizPhilly. In addition, the Company is a leader among cloud service providers with The Compliance Cloud™ — providing compliance for government (ITAR) / FedRAMP and healthcare (HIPAA) — and featuring vendor certifications, including: Cisco CMSP Master certifications for IaaS, DRaaS and DaaS; SSAE 16 (SOC II); EMC CSP; VMware VSPP with IaaS and DaaS badges; Microsoft CSP, Mobility and SCA; and Polycom’s Platinum Provider Program.

“Since our founding, Evolve IP has grown into a top-tier cloud services provider that has brought more than 100,000 users into the cloud,” said Thomas J. Gravina, Chairman, CEO and Co-Founder of Evolve IP. “With this investment, we will have the opportunity to accelerate our growth, organically and via acquisitions, much more quickly than we could have as a closely held company. Our priorities will be to provide new and existing customers with a wider range of cloud-based solutions, services and functionality to enable them to meet their business goals effectively and affordably. We will also invest in our growth by expanding into new markets and verticals and enhancing our capabilities across functional departments, including sales, marketing, engineering and support. This is an exciting moment for Evolve IP, and a testament to the hard work and dedication of our associates.”

“Today’s announcement marks a major milestone on our journey as we build Evolve IP into a global cloud services leader,” said Michael A. Peterson, Vice Chairman and Co-Founder of Evolve IP. “Evolve IP started with the development of an idea, and grew into an industry-leading cloud services provider. Evolve begins its next chapter with a significant investment from Great Hill Partners, which is well-aligned with our vision, has a deep understanding of our business and industry, and appreciates and respects our culture. With this transaction, Evolve IP will have the resources available to take the Company to a new level, enabling us to scale the enterprise significantly through both organic growth and substantial acquisition capital. We look forward to working with Great Hill to compound the initial success of Evolve IP to take full advantage of the cloud communications opportunity.”

Since its inception, Great Hill Partners has been committed to providing private equity to finance the expansion, recapitalization or acquisition of growth companies in a wide range of sectors including software, financial and healthcare technology, digital media, eCommerce and internet infrastructure. Based in Boston, MA and with more than 50 portfolio companies and 100 consolidating acquisitions, Great Hill Partners’ team of private equity experts has a proven track record of guiding middle-market companies toward their growth and success targets.

“Just a decade ago, ‘the cloud’ was a nascent industry, but it has now grown to become one of the fasting growing technology sectors. Organizations around the world are making the transition to the cloud at an ever increasing rate, and the support and services provided by Evolve IP make it a clear leader in the space,” said Christopher S. Gaffney, Co-Founder and Managing Partner of Great Hill Partners. “Tom, Michael and the entire Evolve IP team have helped to shape the rapidly evolving cloud services industry with a proven business model, best-in-breed customer service, and commitment to innovation. We are excited to work closely with the team as they continue to expand their capabilities and suite of cloud services through organic growth. In addition, we have reserved and arranged more than $100 million of additional equity and debt capital for a substantial acquisition strategy, to leverage Evolve IP’s leading position in the industry.”

PJT Partners served as financial advisor and Cozen O’Connor and Wachtell, Lipton, Rosen & Katz served as legal advisors to Evolve IP. Choate Hall & Stewart served as legal advisor to Great Hill Partners.

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The Evolve IP Compliance CloudTM

Compliance is a way to do business … not an afterthought when clients need it.

At Evolve IP we have a dedicated compliance and security practice and work with two of the world’s top 3rd-party compliance auditors, Grant Thornton and Ernst & Young, to enable customers to extend their compliance to our fully audited cloud. This focus allows us to deliver the documentation and assurances that other’s simply cannot including HIPAA / HITRUST, PCI-DSS (all 12 sections), SOC 2/3 and more. The Compliance CloudTM includes true client isolation, encryption in transit and at rest, private VLANs, firewalls and dozens of other security measures.

 
 
What Our Clients Say
  • “High-level technology, better compliance, cybersecurity, and communication capabilities are expected of all providers of financial services, regardless of size. With the rate of change and costs involved, it is difficult for any size credit union to keep pace. So when we were looking for a cloud technology partner, we emphasized the need to provide to our members with technology solutions that help them compete with larger banks and financial institutions, at a cost they can afford. Evolve IP offers all that, plus broad financial services industry experience and a pedigree of providing first-rate service to support growth and continually enhance the entire member experience.”

    David Frankil, Chairman of the NJCUL Services Corporation and President/CEO of the New Jersey Credit Union League

  • "The people that Evolve IP are more personable; you don't feel like there's necessarily a script when you're talking with them, they’re easy to understand, quick to get a hold of, and they follow through on what they say they're going to do."

    Watch Testimonial

  • "Evolve IP has been a vendor partner that has grown with us, that has helped us, and that you know stands by us and stands by their word."

    Watch Testimonial

  • "I was a bit of skeptical because I've been told that by sales guys before...but you've all came through on every one of their promises and not only that, but even throughout our subsequent years of working with us as partners, you’ve stepped up to the plate whenever we needed something and provided a helping hand"

    Watch Testimonial

  • "…we were assigned a project manager for our implementation they weren't just force-feeding one process down. they listened, they work with us, they adjusted schedules and they held our hand every step of the way…"

    Watch Testimonial

What the Experts Think

Our analyst-acclaimed solutions are built on a world-class, compliant architecture that leverages the blue-chip technologies organizations already know and trust.

Gartner

We deploy best-of-breed solutions including: Disaster Recovery, Contact Center, Unified Communications, DaaS, IaaS. Our services are analyst-acclaimed, vendor-validated, client recommended and award-winning.

HITRUST

Evolve IP is proud to have achieved the honor of being HITRUST CSF certified! Certification to the HITRUST Common Security Framework (CSF) affirms that all of Evolve IP’s cloud computing and cloud communications services adhere to the strictest security standards for electronic protected health information (PHI). The HITRUST security standard was developed by and for the healthcare industry as a means of going above and beyond the compliance requirements of HIPAA.

The HITRUST Common Security Framework (CSF) was developed to address the multitude of security, privacy and regulatory challenges facing healthcare organizations. The HITRUST CSF was developed by healthcare and IT professionals to provide an efficient and prescriptive framework for managing the security requirements inherent in HIPAA. HITRUST CSF rationalizes healthcare-relevant regulations and standards into a single overarching security framework. An important part of the “What is HITRUST” answer is understanding that the CSF is risk-based and compliance-based so that organizations can tailor the security control baselines and vendor management programs that they follow based on their specific organization type, size, systems, and regulatory requirements.

HIPPA

The Privacy regulations of the U.S. Health Insurance Portability and Accountability Act (HIPAA) require health care providers, organizations, and their business associates, develop and follow procedures that ensure the confidentiality and security of protected health information (PHI) when it is transferred, received, handled, or shared. This applies to all forms of PHI — paper, oral, and electronic, etc. Those who fail to adhere to HIPAA can suffer from huge fines climbing into the millions of dollars for major violations.

The Compliance Cloud™ fully enables covered entities and their business associates subject to HIPAA regulations to leverage a secure environment to process, maintain, and store protected health Information (PHI) featuring among other controls.

SSAW 16 Service Organization Control II (SOC 2)

Evolve IP has received an SSAE 16 SOC 2 Type II report on our internal controls relating to how we assess and address the potential risks associated with the security, availability, and confidentiality of not only the cloud-based services that we provide, but also our physical and logical infrastructure. Evolve IP utilizes the Certified Public Accounting firm of Grant Thornton to perform its annual audit and attestation in accordance with the Statements on Standards for Attestation Engagements No. 16 and the associated Trust Services Principles, as published by the AICPA, to evaluate the effectiveness of Evolve IP’s service organizations controls.

Forbes

While Forbes regularly features coverage and recognition about Evolve IP, they've most recently recognized Evolve IP as being the "Best Cloud Computing Companies And CEOs To Work For In 2017".  They've ranked Evolve IP in the Top 3 just behind Google and Microsoft in the Cloud Infrastructure classification.  (Feb 2017). Forbes  also recently recognizes Evolve IP for bringing Singer Equipment Corporation, a mainstream business based in PA, into the cloud by means of unified communication. (Sept  2017). Last year, Forbes recognized Evolve IP's survey of 1,080 executives citing that the number one reason to go to the cloud is the same reason that it is avoided. (Mar 2016).

Unified Communications Product of the Year

TMC and Internet Telephony Magazine have named Evolve IP’s unified communications platform as a 2017 Unified Communications Product of the Year Award winner. This marks the 6th time Evolve IP has been honored with this prestigious award and follows a series of product innovations that have allowed the company to rapidly expand its international coverage.

Evolve IP’s business collaboration tools and IP phone system dramatically improve employee productivity in the office and on the road with a Unified Communications as a Service (UCaaS) platform that fully integrates voice, video, instant messaging & presence (IM&P), desktop sharing, audio/web conferencing and more. The company also provides a sophisticated Web-based management portal, OSSmosis®, that allows administrators to easily configure system functions and quickly modify users without the need to reach out to a third party for changes.

Inc.

Inc. magazine has recognized Evolve IP in the 34th annual Inc. 500|5000, an exclusive listing of the nation's fastest-growing private companies. The list will be unveiled in the September issue of Inc.

The story of this year's Inc. 5000 is the story of great leadership. In an incredibly competitive business landscape, it takes something extraordinary to take your company to the top," says Inc. President and Editor-In-Chief Eric Schurenberg. "You have to remember that the average company on the Inc. 5000 grew nearly six-fold since 2012. Business owners don't achieve that kind of success by accident.

Payment Card Industry Data Security Standard (PCI DSS)

Evolve IP has achieved Payment Card Industry (PCI) Data Security Standard (DSS) compliance covering all 12 sections of the PCI DSS. The PCI data security standard is a comprehensive set of standards that require merchants and service providers that store, process, or transmit customer payment card data to adhere to strict information security controls and processes. It was created by the founding brands of the PCI Security Standards Council, which includes American Express, Discover Financial, JCB International, MasterCard Worldwide, and Visa Inc.

CSA STAR

Evolve IP is also a registered and participating member of the CSA Security, Trust & Assurance Registry (STAR). The CSA was formed to encourage transparency of security practices within cloud providers. It is a free, publicly accessible registry that documents the security controls provided by various cloud computing offerings, thereby helping users assess the security of cloud providers they currently use or are considering contracting with. CSA STAR is open to all cloud providers, and allows them to submit assessment reports that document compliance to CSA published best practices. The searchable registry will allow potential cloud customers to review the security practices of providers, accelerating their due diligence and leading to higher quality procurement experiences. CSA STAR represents a major leap forward in industry transparency, encouraging providers to make security capabilities a market differentiator.

Deloitte’s Technology Fast 500TM

Evolve IP has been ranked for the second consecutive year on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America – both public and private. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2012 to 2015. The list is a veritable Who’s Who of technology that has included tech companies like Google, VMware and Facebook.

Technology Fast 500 provides a ranking of the fastest growing technology, life sciences, and energy the companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth during the period from 2012 – 2016.

Red Herring

Red Herring has named Evolve IP as one of the Top 100 Companies in North America.  Red Herring’s Top 100 recognizes the leading and most promising private companies from around the world. Among the over 20 criteria used to analyze companies for the award, Evolve IP was noted for its financial performance, technological innovation, customer footprint, the DNA of its founders and addressable market.

Red Herring selects the award winners for North America from approximately 1,200 privately financed companies each year in the US and Canada. Since 1996, Red Herring has kept tabs on these organizations and its editors were among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, Palo Alto Networks and eBay would change the way we live and work.

Entrepreneur

Evolve IP has been recognized as one of the “Best Entrepreneurial Companies in America” in Entrepreneur magazine’s Entrepreneur360™ Performance Index, a study involving a comprehensive analysis of private companies in America. Based on this study forged by Entrepreneur, Evolve IP is recognized as a company that exemplifies growth, not just in top and bottom line, but in sustainability and the ability to achieve lasting success.

According to Entrepreneur, after evaluating approximately 10,000 U.S. based firms, the team of editors and researchers behind the E360 Performance Index collected more than 250 pieces of data from the finalists, focusing on growth drivers and challenges, goal setting, resource allocations, and reward systems. The analysis uncovered a class of leading companies, including Evolve IP, whose continued success is largely based on superior value creation for their customers, building an adaptive learning culture, and aggressive geographic expansion—placing them amongst the most dynamic firms in America today.

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