INetU has completed a recapitalization transaction in partnership with BV Investment Partners, a middle-market private-equity firm focused on the information and business services and communications sectors. The investment will make BV the majority shareholder and is made in partnership with INetU’s founder and CEO, Dev Chanchani.
INetU, based in Allentown, Pennsylvania, provides managed and cloud hosting solutions to businesses globally.
“Our new partnership with the BV team will help to accelerate our existing growth initiatives and will enhance INetU’s capabilities to provide leading and innovative business cloud solutions,” Dev Chanchani, INetU’s president and CEO, said.
Louis Bertocci, a managing director at BV, said, “We believe the rapid growth in data generation and the proliferation of web-based applications and services are changing the way companies address IT infrastructure needs. INetU is truly a value added partner delivering mission critical IT services to a large and growing customer base.”
Matthew Kinsey, a Principal at BV, noted, “[INetU] are poised to take full advantage of the growth we expect to see in the cloud computing industry.”
Chanchani will continue as president and CEO and will remain a significant shareholder in the company. Customers will see no changes in the way they interact with the company or the staff, INetU said.
Bertocci and Kinsey have joined INetU’s board of directors.