Globe Equity Partners buy Cleo

Cleo announced that it has been acquired by Globe Equity Partners, an investment firm focused on mid-market software companies serving growth industry segments.

Mahesh Rajasekharan will assume the role of Chief Executive Officer and Sumit Garg will assume the role of President of CLEO. Former CEO and President Brian Hampton will remain with the firm in an advisory capacity. All other aspects of operations, including the senior management team and CLEO’s product and service lines, will remain intact.

“The migration to the cloud, big data analytics, and compliance requirements have increased demand for secure managed file transfers in the information-rich industries CLEO serves,” said Rajasekharan. “The environment is right for a strong managed file transfer (MFT) company to get to the next level. We will be making additional investments to enhance the CLEO platforms and expand our support services to meet the growing needs of our customers and partners.”

Founded in 1976, CLEO is a leading provider of enterprise software. Demand for CLEO VL Trader, its flagship enterprise managed file transfer (MFT) software being used by Fortune 1000 companies worldwide, fueled record sales over the last year, said the company.

CLEO’s secure file transfer client, CLEO LexiCom, has a long history in secure communications. CLEO Streem solutions also complement CLEO’s offerings with enterprise fax and broadcast messaging.

“Globe Equity Partners is acquiring CLEO because of CLEO’s strong track record, proven technology, expansive customer base and experienced team,” said Garg.

Leading industry analysts estimate the managed file transfer (MFT) space will grow exponentially through 2015 due to consolidation of fragmented systems and advanced enterprise needs for community management, security policy enforcement and SLA compliance. These trends also create opportunities for the CLEO Streem e-fax and broadcast messaging solutions.

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