11:11 Systems, a managed infrastructure solutions provider, has announced that it has entered into an asset purchase agreement to acquire Sungard Availability Services’ (Sungard AS) Recovery Services business. The parties anticipate receiving bankruptcy court approval of the sale by mid-October, and the transaction is expected to close later this year alongside 11:11 Systems’ simultaneous acquisition of Sungard AS’ Cloud and Managed Services (CMS) business.
Once completed, acquiring these two Sungard AS businesses will confirm 11:11 Systems as one of the largest players in the business continuity, disaster recovery market, and cyber resilience markets. At the beginning of 2022, 11:11 Systems announced the acquisition of both Green Cloud Defense and iland, two market leaders in the cyber resilience and disaster recovery space.
“We know that more than half of all companies today have experienced some sort of cyber attack within the past 18 months. With these strategic acquisitions, 11:11 Systems is the best option on the market for helping customers of any size – no matter how simple or complex their needs are – prepare for and defend against cyber attacks and other business interruptions,” said Brett Diamond, CEO, 11:11 Systems. “We are bringing together the market’s best players in cyber resiliency, harnessing their experience and strength and will add to it an innovation platform that will not only convey our combined customer ecosystem safely into the future, but also will optimize their environments for efficiency, cost and availability.”
As a part of this transaction, 11:11 will gain a large team of highly skilled employees as well as 13 new cloud points of presence, which when combined with the 13 cloud points of presence included in 11:11’s acquisition of Sungard AS’ CMS business totals 26 new cloud points of presence for 11:11’s customers.
“Our goal is to enhance the cyber resiliency and disaster recovery team within 11:11 Systems by combining the best talent from the industry’s top data protection providers to expand options for our existing customers and blaze the path for business resiliency in the future,” said Justin Giardina, CTO, 11:11. “The well of experience, expertise and solution excellence is deep, and we intend to fully optimize this unique opportunity to the benefit of our customer and partner ecosystem.”
11:11 is backed by Tiger Infrastructure Partners, a middle-market private equity firm that invests in growing infrastructure platforms.
Q Advisors, a global TMT investment banking boutique, acted as exclusive financial advisor to 11:11 in connection with this transaction. Perkins Coie acted as legal advisor to 11:11. The terms of the transaction were not disclosed.