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Vice President of Sales, CLEO
FOR IMMEDIATE RELEASECLEO Communications Acquired by Globe Equity Partners
New Leadership and Influx of Capital Positions CLEO for Continued Growth in Managed File Transfer (MFT) and Enterprise Fax Sectors
LOVES PARK, IL (April 19, 2012) – CLEO announced today that it has been acquired by Globe Equity Partners, an investment firm focused on mid-market software companies serving growth industry segments.
Mahesh Rajasekharan will assume the role of Chief Executive Officer and Sumit Garg will assume the role of President of CLEO. Former CEO and President Brian Hampton will remain with the firm in an advisory capacity. All other aspects of operations, including the senior management team and CLEO’s product and service lines, will remain intact.
“The migration to the cloud, big data analytics and compliance requirements have increased demand for secure managed file transfers in the information-rich industries CLEO serves,” said Rajasekharan. “The environment is right for a strong managed file transfer (MFT) company to get to the next level. We will be making additional investments to enhance the CLEO platforms and expand our support services to meet the growing needs of our customers and partners.”
Founded in 1976, CLEO is a leading provider of best-in-class enterprise software. Demand for CLEO VLTrader, its flagship enterprise managed file transfer (MFT) software being used by Fortune 1000 companies worldwide, fueled record sales over the last year.
“Globe Equity Partners is acquiring CLEO because of CLEO’s strong track record, proven technology, expansive customer base and experienced team,” said Garg. “With the investments we plan to make in technology, marketing, sales and customer support, our customers can continue to expect the very best product and service offerings from the CLEO team.”
Leading industry analysts estimate the managed file transfer (MFT) space will grow exponentially through 2015 due to consolidation of fragmented systems and advanced enterprise needs for community management, security policy enforcement and SLA compliance. These trends also create opportunities for the CLEO Streem e-fax and broadcast messaging solutions.
“It was time to give CLEO a new future,” said Hampton. “Globe Equity Partners has the resources and vision to position CLEO for even greater success on a global scale, and Mahesh Rajasekharan and Sumit Garg share our commitment to product development and customer support. They have been immersed in this market space, and I am excited for what our employees, customers and partners will experience under their leadership.”
About Globe Equity Partners
Globe Equity Partners is an investment firm focused on software and software-enabled services sectors. The firm has a long-term approach to investing and creates value through active management. Globe Equity Partners provide companies with the following advantages: access to capital, experienced software operators and long-term value creation. Find out more at www.globeequitypartners.com.
About CLEO and CLEO Streem
CLEO and CLEO Streem provide proven, secure, advanced software solutions to companies that have enterprise-wide managed file transfer or email-to-fax needs. CLEO’s powerful, easy-to-use software helps clients secure, manage and consolidate data while meeting the most comprehensive requirements of multiprotocol communications. CLEO VLTrader, the company’s flagship managed file transfer solution, helps businesses across numerous vertical industries save money, optimize IT resources, consolidate communications, streamline workflows, control ad hoc communications and meet both SLAs and regulatory compliance mandates.
CLEO Streem provides turnkey, enterprise email-to-fax and broadcast messaging solutions that can be seamlessly integrated with your existing workflows into backend applications, wherever those originate, whether from existing multifunction devices, document management solutions or desktop applications. With over 30 years of EDI experience and as the leader in AS2 communications, CLEO solutions are
customer- and partner-ready for leading enterprises. Find out more at www.cleo.com.