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9.28.2000
Great Hill Partners Raises $50 Million For ManagedStorage International
Providence Equity, EMC join Great Hill Partners as investors in the leading provider of global storage services and content management software solutions
Great Hill Equity Partners, L.P. today announced ManagedStorage International, Inc., one of its portfolio companies, raised $50 million in second-round financing, accelerating the company's leadership in the fast-growing storage utility market.
Great Hill Partners founded ManagedStorage International, the first and leading Storage Service Provider (SSP), less than 180 days ago through the purchase of assets from Storage Technology Corp. (StorageTek NYSE:STK).
The lead investor for the second round is Providence Equity Partners, a telecommunications and media investment firm based in Providence, R.I. Other investors include EMC Corporation (NYSE:EMC), First Union (NYSE:FTU) and J.P. Morgan (NYSE:JPM). The funds will be used to expand global sales, delivery, technology and operations.
EMC's investment in ManagedStorage will facilitate technology collaboration between the two companies for development of software for storage and content management.
Doron Kempel, vice president and general manager of EMC's Media Solutions Group, said, "We look forward to working with MangedStorage to help them develop and offer leading solutions utilizing EMC technology for this growing market."
"ManagedStorage has the distinct industry advantage of being the only global SSP delivering managed storage solutions enhanced by unique software," said Patrick Curran, chairman of ManagedStorage and partner of Great Hill Partners, based here. "The company's extensive experience in digital media sets it apart in managing the continuing complexity of data in today's e-business economy."
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About Great Hill Partners
Great Hill Partners is a leading Boston-based investment firm that provides equity financing and strategic guidance to telecommunications, e-business services and Internet infrastructure services companies. Recent investments include ManagedStorage International (MSI),
ManagedOps.com, American Broadband, Inc., Edge Connections, High-Tech Institute, SmartMail, DURO Communications and Horizon Telecom International. The firm currently manages over $700 million in private equity raised from institutional investors including leading commercial and investment banks, state and corporate pension funds, university endowments and private trusts. For more information, visit
www.greathillpartners.com.
About Providence Equity Partners Inc.
Providence Equity Partners Inc. is a private investment firm that specializes in equity investments in telecommunications and media companies around the world. The principals of Providence Equity Partners Inc. manage investment funds with over $2 billion in equity commitments. Areas of investment include competitive local telephone networks, long haul voice and data providers, internet service providers, internet infrastructure, wireless data networks, cellular and personal communications services (PCS), cable television, and other media and communications sectors. Providence's portfolio investments include: AT&T Canada, Carrier1 International, Mpower Communications, Tele1 Europe, Verio, Voicestream Wireless and 360Networks. For more information visit
www.provequity.com.
About ManagedStorage International
ManagedStorage International is the leading global provider of online managed information access and data protection. The company's fully managed e-storage services, including Storage on Demand, Server Backup, PC Backup and complex Content Management, enable fast-growing companies to focus on expanding their businesses. ManagedStorage offerings are managed from world-class global command centers located worldwide. ManagedStorage is "eStorage for eBusinessĀ." For more information, contact
www.managedstorage.com, or call (720) 566-5000.
About EMC Corporation
EMC Corporation (NYSE: EMC) is the world leader in information storage systems, software, networks and services, providing the information infrastructure for a connected world. Information about EMC's products and services can be found at
www.emc.com.
This press release contains forward-looking statements. Actual results may differ.
TRADEMARKS: StorageTek and "Open, Intelligent and Integrated" are trademarks of StorageTechnology Corp. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.
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