Evolve IP, the Wayne-based cloud-computing and communications firm, says it has purchased regional rival Xtium Inc., King of Prussia, which provides "disaster recovery, Desktop as a Service (DaaS), managed cloud hosting and managed online backup" for business clients. Price not disclosed.
The deal is Evolve IP's eighth acquisition since its founding in 2007, and its first since Boston-based Great Hill Partners bought a majority stake in the firm and pledged up to $100 million to speed and increase acquisitions by Evolve IP cofounder Tom Gravina and his partners.
Evolve IP was attracted by Xtium's cloud-based services for healthcare organizations, which fit the Evolve IP Compliant Cloud platform, cofounder Guy Fardone said in a statement.
Xtium, founded in 2007 by Tim and Andrea Vogel (they brought on Peter Ritz and Shawn Carey in 2007 "when we pivoted to doing virtual hosting and DR," Vogel points out in a note correcting my earlier version of this item,) raised $11.5 million in 2011 from investors led by OpenView Ventures of Boston, plus at least $4 million in later rounds. Joining Evolve IP will help Xtium reach new customers, said Xtium CEO Tim Vogel.
Evolve said its sales totalled $59 million last year, "with gross margins of 65%." The company employs around 200 in the U.S., including 150 in the Philadelphia area, and claims 1,300 commecial users in 15 countries.