NewSpring Invests in Pioneering Provider of IT Infrastructure
Radnor, PA – September 18, 2017 – NewSpring (“the Firm”), a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth ("NewSpring"), the Firm’s dedicated growth and expansion stage fund, has led an $18 million investment into TenFour (“the Company”). Proceeds will be used to accelerate growth through continued investment in sales and marketing and product development.
Founded in 1998, TenFour operates the first IT network infrastructure utility; a model that is transforming the industry and positions IT organizations to drive their digital vision and prosper in today’s Digital Age. TenFour virtualizes all IT network infrastructures in the global enterprise beyond compute and storage—from routers, switches, and firewalls to phones, WiFi, cameras, and IoT devices. The Company is advancing new approaches to deliver and consume IT that drive business value, enhancing agility, reliability, performance, and security at lower cost. TenFour also provides transitional network monitoring, repair, and administration services to facilitate the evolution from traditional models to a virtualized infrastructure model. The Company is headquartered in Morristown, NJ.
“We are extremely pleased to have the support and expertise of NewSpring. They share our vision for the future of the IT industry and the consumption model that will dominate the market in the next five years. Their investment allows us to build on our market reputation for delivering frictionless IT infrastructure and accelerates growth and adoption of TenFour’s model so that more enterprises can take advantage of these advancements in the market,” said Bruce Flitcroft, Founder and CEO of TenFour.
“TenFour has developed a truly unique end-to-end solution for delivering IT Network Infrastructure and is quickly emerging as a leader in a large, thriving industry,” said Brian Kim, NewSpring Principal. “Customers have been thrilled with the Company’s ability to simplify and improve their IT network performance and we’re excited to be working with Bruce and the team as they continue to build on that reputation.”
As part of the transaction, Brian Kim will join the TenFour Board of Directors.
TenFour believes that IT should just work and wants IT leaders and organizations to focus on innovation instead of boxes and wires. That's why TenFour builds exceptional, private domain, global IT infrastructures that are simpler, have fewer defects, and cost less to operate. TenFour delivers IT just like power or water utilities, where the customer pays only for what is used. It is a less complicated model for IT that positions IT leaders to redefine their resources and drive business priorities. TenFour creates a fearless and honor-driven environment that empowers their employees, customers, and partners to reimagine IT to ignite innovation in the Digital Age. For more information, visit www.tenfour.com.