Summit, which specialises in dedicated cloud hosting services for accounting and other business software applications for small and medium-sized businesses, currently serves more than 30,000 end users throughout the US and Canada.
Silver Oak said it was originally attracted to the sector due to the increased adoption of cloud infrastructure by small and medium-sized businesses, which is expected to drive strong continued demand for managed cloud solutions.
Wade Glisson, partner at Silver Oak, said, “Summit has developed a strong reputation as a high-quality provider of managed cloud solutions and is well positioned to capitalize on the industry tailwinds within cloud infrastructure. We are excited to partner with such an experienced team in the space.”
Warren Patterson, COO of Summit Hosting, added, “The Summit team is thrilled to partner alongside Silver Oak and build upon our existing momentum in the financial and ERP hosting industry.
“Businesses continue to move from on-prem servers to redundant, managed, and secure cloud environments. Summit Hosting continues to define itself as the premier provider for cloud-based hosting.”
Silver Oak Services Partners raised $500m for the final close of its fourth fund two years ago.
The firm focuses its investments on lower mid-market companies in the healthcare, business and consumer services sectors, typically with EBITDA of between $4m and $25m.
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