SHREWSBURY, NJ – (BUSINESS WIRE) March 8, 2023 – Stratus Technology Services (“Stratus” or the “Company”), a global provider of specialized technology services, including application managed services, implementation, and consulting, is pleased to announce a new partnership with and investment by New Heritage Capital (“Heritage”), a Boston-based private equity firm focused on partnering with high-growth, founder-owned businesses. The investment was structured using Heritage’s Private IPO® solution, which leaves operating control in the hands of current Stratus management while providing the financial flexibility to accelerate future growth.
Founded in 2002, Stratus offers a broad suite of specialized technology services including application development, platform maintenance, run support, and program management, among others, through managed and consulting delivery models. Stratus services the needs of clients across a broad range of industries and has developed expertise in the unique requirements of clients in the P&C insurance space and users of the Guidewire insurance management platform. Stratus has a global reach with over 550 employees worldwide.
Jamie Raymond, Co-Founder and CEO of Stratus, said, “I am incredibly proud of what that Stratus team has accomplished to-date and excited about what the future holds. We have big goals of growing our delivery team and expanding our capabilities, including cloud implementations and migrations. We believe bringing on a partner like Heritage, who has significant experience scaling businesses like ours, will help us achieve the near- and long-term objectives of our Company.”
Steve Damen, Co-Founder and Partner of Stratus, added, “We have gotten to where we are today through an unwavering commitment to our clients and our people. We believe the Heritage model allows us to preserve that commitment and the Stratus culture that makes us who we are.”
Kyle Veatch, Principal at Heritage, said, “We are big believers in the Stratus team and their value proposition. They are true technology and P&C experts and we see a tremendous opportunity to continue to expand what they offer to existing and new clients.”
RVR Consulting served as the exclusive financial advisor to Stratus Technology Services.
About Stratus Technology Services
Stratus is a global provider of specialized technology services, including application managed services, implementation, and consulting. Founded in 2002, Stratus is entrusted by its clients to implement, manage, develop, and advise on mission critical technology systems and projects. Stratus provides services to clients across a broad range of industries and has developed an expertise for the unique needs of clients in the P&C insurance industry, with strong capabilities supporting the Guidewire insurance management platform. Stratus is one of just a few Guidewire Cloud-certified providers in the U.S. https://stratustech.com/
About New Heritage Capital
New Heritage Capital is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives. https://www.newheritagecapital.com/
The above quotes are provided by Jaime Raymond, Co-Founder and CEO of Stratus and Steve Damen, Co-Founder and Partner of Stratus. Mr. Raymond and Mr. Damen are not investors in any New Heritage Capital fund and were not paid for the quote included above. However, due to their position at Stratus, they may be inclined to have a favorable view of New Heritage Capital.