San Mateo, CA, November 5th, 2019 – Sunstone Partners, a technology-focused growth equity firm, today announced the sale of its portfolio company, Onica, to Rackspace®. Onica is an Amazon Web Services (AWS) Partner Network (APN) Premier Consulting Partner and AWS Managed Service Provider.
Sunstone Partners invested in Onica in 2017, providing the company’s first institutional capital. In just two-and-a-half years, Onica grew from 50 employees to more than 350 highly skilled consultants across North America. Sunstone Partners partnered with Stephen Garden, founder and CEO of Onica, to enhance the company’s go-to-market strategy, expand the executive team and complete two add-on acquisitions.
“Sunstone Partner’s investment and support were instrumental to our growth and success”, said Stephen Garden, founder and CEO of Onica. “The firm’s strategic and operational guidance enabled us to rapidly implement best practices across the board, expand our AWS competencies, and well position us to successfully deliver complex cloud transformations for our customers. It has been an incredible journey with Sunstone Partners, and I am looking forward to partnering with Rackspace for the next stage of growth”
Mike Biggee, co-founder and Managing Director at Sunstone Partners, said, “It has been an immense pleasure to work with Stephen and the entire Onica team to build a leading cloud consulting firm that delivers incredible experiences and innovations to their customers. The level of growth that Onica achieved over the last couple years has been truly impressive and we wish the Onica team continued success.”
Barclays, Goodwin Procter and RSM acted as advisors to Sunstone Partners. The transaction is expected to close in the fourth quarter of 2019.
About Sunstone Partners
Sunstone Partners is a growth equity firm focused on majority and minority investments in technology-enabled services and software businesses. The firm seeks to partner with exceptional management teams, often as their first institutional capital partner, to help accelerate organic growth and fund acquisitions. The firm was founded in 2015 and has nearly $800 million of committed capital under its first two funds. For more information, visit www.sunstonepartners.com
About Onica
Onica is a cloud consulting and managed services company, helping businesses enable, operate, and innovate on the cloud. From migration strategy to operational excellence, cloud-native development, and immersive transformation, Onica is a full spectrum integrator, helping hundreds of companies realize the value, efficiency, and productivity of the cloud. For more information, visit www.onica.com