ALPHARETTA, Ga., 20 October 2021 / PRNewswire / – Summit Hosting (“Summit”) announced its partnership with Silver Oak Services Partners (“Silver Oak”) in connection with a recapitalization of the business. Silver Oak is a leading lower middle market private equity firm focused exclusively on service businesses.
Founded in 2006 and based in Alpharetta, Georgia, Summit is a provider of dedicated cloud hosting services for accounting and other enterprise software applications for small and medium businesses. Summit serves more than 30,000 end users in a variety of end markets in the United States and Canada.
Summit’s management team invested alongside Silver Oak in the transaction. The existing management team will continue in their current roles with Summit and will retain a significant stake in the company going forward.
“Our team is delighted to partner with Silver Oak to execute our long-term growth strategy while continuing to provide high quality service to our customers. Silver Oak’s additional capital, resources and expertise in scaling businesses will help facilitate the next chapter of growth for Summit, ”said Stan kania, CEO of Summit Hosting. Warren Patterson, COO of Summit Hosting, added, “The Summit team is excited to partner with Silver Oak and build on our current momentum in the financial and ERP hosting industry. Businesses continue to move from on-premises servers to the redundant, managed and secure cloud. Summit Hosting continues to define itself as the premier cloud-based hosting provider. ”
Silver Oak was initially drawn to the industry as the growing adoption of cloud infrastructure by small and medium businesses is expected to drive continued high demand for managed cloud solutions. Wade Glisson, Partner at Silver Oak, said, “Summit has built a solid reputation as a provider of high quality managed cloud solutions and is well positioned to take advantage of industry favorable winds within cloud infrastructure. We are delighted to be partnering with such a seasoned team in space. ”
About the summit accommodation: Summit Hosting is a leading cloud hosting provider for accounting and other business software applications including QuickBooks, Sage, and SAP programs in North America. Since 2006, we have been providing leading hosting platforms to our customers around the world, with over 8,000 servers and 30,000 end users running in our environments. We pride ourselves on giving our clients all the tools they need to make their daily lives more manageable and allow their businesses to grow.
About Silver Oak Service Partners: Founded in 2005 and based in Evanston, Illinois, Silver Oak is a leading lower middle market private equity firm focused exclusively on service businesses. Silver Oak invests in businesses, healthcare and consumer services companies in the lower middle market, typically with EBITDA of $ 4 million To $ 25 million.
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