11:11 Systems acquires Static1 bolstering its cloud, connectivity and security offering
11:11 Systems (11:11), a managed infrastructure solutions provider, confirms the acquisition of Static1, a provider of managed network and IT infrastructure services.
Static1 services range from connectivity to security management to monitoring, network, infrastructure and SD-WAN technology.
Through this acquisition, 11:11 will benefit from Static1’s team and technology which will complement 11:11’s recent acquisitions of Unitas, Cleareon, iland and Green Cloud Defense, each leaders in cloud, connectivity and security.
“Feedback from customers has shown that there is a dearth of offerings that combine cloud, connectivity and security in one platform,” said Brett Diamond, CEO, 11:11 Systems.
“We are focused on providing the platform for these three core pillars while ensuring that our customers’ apps and data are always running, accessible and protected. Static1 is a natural addition to our portfolio particularly because of the team’s significant depth in connectivity. With this acquisition, we will strengthen our existing managed services and add entrenched industry expertise and relationships to our portfolio.”
The new comes as the enterprise network infrastructure market continues to grow, having been valued at approximately $56 billion as of 2021, a figure set to rise significantly over the next five years. This is driven by the changing dynamics of remote work and the increased need for bandwidth and technology to enable the migration to wireless.
“11:11 and Static1 share a vision for addressing the most pressing issues that businesses face,” said Anthony Lobretto, president and CTO, Static1.
“This exciting step forward benefits our customers with continued best-in-class support, greater uptime, reliability and security, all while reaping the benefits of accessing the full spectrum of purpose-driven solutions 11:11 has to offer.”
During the transaction, 11:11 was backed by Tiger Infrastructure Partners, a private equity firm invests in infrastructure platforms, while Q Advisors, a TMT investment bank, acted as its exclusive financial advisor and Perkins Coie as its legal advisor.
The news follows the closing of Tiger Infrastructure Partners' $1.25 billion Fund III in April 2022. Te fund exceeded its $750 million target, with Tiger securing commitments from existing institutional investors from its previous fund as well as expanding its investor base.
Funds from the raise was earmarked for the Stict1 acquisition, as well as four other infrastructure projects across energy and sustainability.