No single person cashed out and got rich from this $135 million, we understand. Many of his managing team had been with the company for years, too. Ziegler joined the company in 2001 as a salesperson, worked his way up to CFO, COO, and then CEO in 2014. The founder had long ago left daily management (though he still had a stake). Logicworks had actually gotten multiple offers at the same price/terms, he said, but Pamplona was doing this as more of an investment than a buyout, keeping existing management in place.
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They basically scoured the earth, looking for someone that had a recurring software revenue model around Amazon Web Services," he said. Pamplona won the company's hand because they "had been very aggressive looking at different partners in the eco-system. We didn't even know where it was going to go." "The best time to look is when you have a lot of interest. It got to the point where myself and the management team, we couldn't possibly keep up while trying to run the business," Ziegler said. "We ran a formal process to explore options for the business because we had so much inbound activity from the biggest private equity folks to Fortune 500 companies. Investors had been pestering the company so heavily with investment and buyout offers since the middle of 2015 that the board gave in and hired a banker last spring to investigate their options, CEO Kenneth Ziegler told Business Insider. And the round wasn't even Logicworks idea.
This is only the second round of investment that the profitable 23-year-old company has taken (the first was $7.6 million from Seaport Capital in 2011). It often indicates a user profile.Īmazon Web Services partner Logicworks announced on Wednesday that it has raised $135 million from private equity firm Pamplona Capital Management. Account icon An icon in the shape of a person's head and shoulders.
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