ABS Capital Adds ClearObject to Portfolio of Growth Companies
Egis Capital Partners and ABS Capital Partners Team with ClearObject
Partnership provides financial and strategic resources to IoT systems integrator to accelerate company growth and scalability
(SUMMIT, NJ., January 17, 2019) — Today Egis Capital Partners (“Egis”) and ABS Capital Partners (“ABS Capital”) announced they have acquired a majority interest in ClearObject, a leading IoT systems integration provider for asset and data intensive industries. The acquisition was sourced by Egis, a leading private equity firm, and is consistent with Egis’ strategy to invest in technology-enabled businesses that utilize security infrastructure to drive operational efficiency. ABS Capital, a leading growth equity firm, co-led the funding. E. Perot Bissell and Bill Polk, managing partners at Egis, as well as Phil Clough and Ralph Terkowitz, general partners at ABS Capital, will join ClearObject’s board of directors as a result of the transaction.
Founded in 2010 and based in the Midwest, ClearObject designs, develops, deploys and manages connected solutions and data-driven digital products. The partnership will enable the company to better serve its existing customer base as well as grow and expand its IoT leadership around the globe. Company headquarters will remain in Fishers, Ind. and the management team will continue to be led by CEO John McDonald. Mike Reffeitt, who previously held the role of Chief Business Officer, has been named President of ClearObject and will assume all financial, personnel, and delivery functions of the company while overseeing day-to-day operations.
“Egis has a long track record building enterprise businesses that improve operating advantages by taking existing infrastructure and using the data derived from those assets,” said E. Perot Bissell, managing partner at Egis. “ClearObject is uniquely positioned to play an important role in the creation and delivery of scalable cloud-based IoT solutions. Based on ClearObject’s experience developing and maintaining cloud-based tools and its success creating high-value IoT products, we are confident the management team led by McDonald and Reffeitt can continue to accelerate growth. We look forward to providing the financial and strategic resources to facilitate this transformative opportunity in the data-driven economy.”
“Partnering with us is a testament to the growth and strength of the IoT space and the digital economy,” said John McDonald, CEO of ClearObject. “We deliver the data-driven digital products that our customers —some of the world’s biggest and best companies — need to survive and thrive in today’s technologically advanced society. This partnership means that ClearObject can pursue growth opportunities that allow us to serve our customers better and with the speed required of our economy today.”
Needham & Company served as exclusive financial advisor to ClearObject in this transaction.