Online Tech in Ann Arbor today announced it has been acquired by Schurz Communications Inc., an Indiana-based news and information company.
Online Tech supports IT infrastructure for businesses and specializes in hybrid cloud, colocation, disaster recovery, and offsite backup services. It currently serves almost 500 clients across the United States, including Henry Ford Health System, Pet Supplies Plus, and John Deere.
In addition, Online Tech has a network of seven data centers and focuses on security and making sure applications comply with government and industry regulations.
Using Schurz Communications’ investment capabilities, Online Tech plans to expand its product offerings while entering new markets in the U.S. It will also add Brad Cheedle as CEO and Tom Wilten as CFO in connection with the acquisition.
“This transaction is truly win-win-win,” says Yan Ness, outgoing CEO of Online Tech. “Online Tech gets the perfect capital partners to grow the business and reach more customers than ever before. The Schurz family gets an industry-leading platform to build on and to help diversify their family business. And our clients get a much more capable IT partner who will have a renewed focus on creating exceptional customer experiences.”
Schurz Communications owns three broadband companies, publishes 11 daily and seven weekly newspapers, as well as produces niche publications. The company has a presence in Michigan, Indiana, Arizona, Iowa, Maryland, Nebraska, Pennsylvania and South Dakota.
“Our company is known for patient capital that assists growing companies realize their aspirations,” says Todd Schurz, CEO of Schurz Communications. “Online Tech represents one of the most exciting opportunities in the cloud market today. The strong and proven management team has ambitious goals in this rapidly growing industry, and we are excited to provide the support necessary to achieve them.”
Terms of the acquisition were not disclosed. DH Capital in New York served as the exclusive financial advisor for Online Tech, while Moorgate Securities in New York acted as the exclusive financial advisor to Schurz Communications.