December 4, 2018, Austin, TX — Neverfail announced it has entered into a definitive agreement for Online Tech, a leading provider of secure, compliant private, hybrid and multi-cloud solutions for service providers, channel partners and enterprise organizations, to acquire Neverfail’s Infrastructure as a Service (IaaS) and data protection services. The acquisition includes Neverfail’s 8 cloud nodes and assets in North America, Europe and Asia-Pacific.
As part of the deal, the two companies have entered into an ongoing strategic partnership in which Online Tech will become Neverfail’s preferred cloud provider for their software solutions. The acquisition and agreement allows Neverfail to focus exclusively on continuous improvement on its software solutions while partnering with Online Tech to provide the ongoing cloud infrastructure for compliant sensitive customers requiring a high level of confidence in their cloud solutions.
In addition, Online Tech will now offer expanded managed services for existing customers and resellers that complement their current cloud, collocation, disaster recovery and security solutions. These include a partner-centric private cloud, enhanced data protection (with offsite backup powered by Veeam®), Neverfail Workspaces virtual desktop service, Neverfail HybriStor, and Neverfail Continuity Engine.
“The Neverfail cloud services acquisition is an exciting step in Online Tech’s journey of growth. It demonstrates both the commitment and capabilities we have to enable business transformation and the modernization of critical infrastructure around the globe,” said Brad Cheedle, CEO of Online Tech. “With our latest announcement, we are better positioned than ever to earn our place as one of the most respected cloud providers in the world.”
“Online Tech was a clear choice when we sought a partner to meet our valued customers’ infrastructure needs moving forward,” said Brian Hierholzer, CEO of Neverfail. “Our software offerings layered atop their resilient and high performing cloud solutions are a winning combination we are confident customers will appreciate. Even further, our partnership with Online Tech means greater resources and faster delivery for both the software and cloud services, to the benefit of our joint customers.”
All Neverfail infrastructure customers will be seamlessly transitioned to Online Tech for their intellectual property, privacy and compliance needs. All existing Neverfail cloud service employees will become employees of Online Tech. For more information about the cloud services acquisition, visit the Online Tech website.
Layer 7 Capital LLC acted as Neverfail’s exclusive financial advisor for the transaction. The terms of the transaction were not disclosed.
Neverfail enables IT to meet or exceed service level agreements by providing continuous availability to applications, data and infrastructure. They provide bulletproof-technology, industry-leading experience, and a complete dedication to customer success. For more information on Neverfail solutions, contact the company at 512-600-4300, visit their website, or follow them on Twitter @Neverfail.
About Online Tech
Online Tech is the leader in secure, compliant hybrid and multi-cloud solutions for service providers, channel partners and enterprise organizations. 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, 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 email@example.com or visit www.onlinetech.com.
About Layer 7 Capital
Layer 7 is a boutique investment bank focused on providing advisory services to companies within the Software-as-a-Service (B2B, B2C), Infrastructure-as-a-Service (Data Centers, Hosting, Cloud), Managed Services (Managed Applications, Managed Infrastructure, Managed Network Services, Managed Security, Outsourced IT), Internet-of-Things and Artificial Intelligence / Robotics verticals. Layer 7’s advisory services include buyside and sellside M&A, strategic planning, valuation analysis and debt capital placement for sector companies and their current and potential investors.