A steadily growing local tech firm has landed the backing of a San Francisco private equity firm as it looks to become a major player in the communications industry.
Allen-based Cytracom, a cloud-based unified communications software solutions company, announced being acquired by lower and mid-market PE firm Sverica Capital Management. Financial terms of the transaction were not disclosed. However, as part of the move, Frank Young, managing partner at Sverica, along with Michael Dougherty, VP at Sverica, will join Cytracom’s board of directors.
“Through its commitment to innovation and reputation for reliability, Cytracom has positioned itself to take advantage of the tremendous market opportunity and widespread adoption of cloud communication solutions,” Young said in a prepared statement.
Cytracom was launched in 2008 and is led by co-founder and CEO Zane Conkle, who will retain his position in the company. Its cloud platform provides business and hosted VoIP services, focusing on small- and medium-sized businesses.
According to Cytracom, the company plans to use the Sverica investment to develop additional features for its services, as well as to help accelerate growth in the company.
“Our focus has always been on enabling MSPs to deliver best-of-breed cloud-based voice and messaging solutions,” Conkle said in a prepared statement.
Originally located in Plano, Cytracom moved its headquarters to Allen in 2017. Over the past year, the company has been growing, adding nearly 12K square-feet to its offices to accommodate a 30% increase in its workforce. Last year, Cytracom also announced hiring Dave Godie as its new VP of channel, overseeing channel sales strategies and execution for the company. In addition, Cytracom launched a unified cross-platform communications suite in 2019, featuring seven new products, including an iOS mobile app, SMS capabilities and a modern desk phone.
“At the end of the day, we want Cytracom to be the only VoIP solution MSPs offer,” Conkle said in a prepared statement at the time of the suite launch.
