Endurance Technologies
#3326
Rank
$3.38B
Marketcap
India
Country
Mr. Satrajit Ray (Group CFO & Exec. Director)
Mr. Anurang Jain (MD, Promoter & Director)
Mr. Ramesh Gehaney Sr. (COO & Exec. Director)
Summary
History
In 2011, Endurance was bought from Accel-KKR by Warburg Pincus and GS Capital Partners, for around $975 million. In September 2013, the company announced plans to raise $400 million in an IPO. The company announced it would list on the NASDAQ under the ticker symbol EIGI. It went public in October 2013 raising $252 million selling shares to the public at $12 each. This was below the company's target goal of $400 million.In a 2015 investor earnings conference call, the company reported having 4.2 million worldwide customers.This path to increased size is similar to the path networking company Verio followed in the 1990s, using free cash flow and access to capital markets in acquiring assets to add to their corporate portfolio. The concept was to roll up small ISPs into one large ISP and achieve economies of scale. Endurance is acquiring hosting companies domestically and internationally.Blake Cunneen, Endurance's senior vice president of corporate development has stated: "Investing in mergers and acquisitions is a very accretive use of free cash flow and going forward we'll continue to do so. We don't have any deals we're announcing. But we told the Street to expect M&A growth to continue".
In March 2015, the company announced an investment in Netherlands-based technology startup AppMachine, acquiring 40% of the company.In August 2015, EIG announced the acquisition of Site5 and Verio Web Hosting from NTT. It is estimated that EIG gained 86,000+ new subscribers through these acquisitions.In November 2015, the company acquired Constant Contact, and days later laid off 15% of their workforce.Also in November 2015, EIG acquired the assets of Ecommerce, LLC for $28 million. This acquisition included a total of 72,000 subscribers from three different hosting brands: IX Web Hosting, Cloud by IX, and Host Excellence.
In August 2018, the firm's CEO and CFO were fined US$8 million for fraud by the SEC for misrepresenting company subscriber numbers.Endurance acquired Ecomdash in October 2019 for $9.6 million in cash, and placed it under the Constant Contact group.In April 2020, Endurance group won the Google Cloud Expansion Partner of the Year for Asia Pacific.In November 2020, Clearlake Capital Group announced that it would acquire Endurance International Group for around $3 billion.At the closing of the deal in February 2021, Clearlake Capital announced a few wrinkles. Clearlake spun off the Endurance Web Presence division, including subsidiaries Domain.com, Bluehost, and HostGator.
Endurance Web Presence merged with Web.com to form a new company named Newfold Digital in 2021. Newfold Digital is a joint venture between Clearlake Capital and Siris Capital Group . The CEO and all but one "C-level" officers from Web.com were retained after the merger, although EIG was much larger than Web.com. Web.com's strategy, like EIG's, was to grow through acquiring brands which they continued to operate, although they generally did not relocate the infrastructure of their acquired brands.
Clearlake also spun off the Constant Contact division of Endurance into a separate joint venture between Clearlake and Siris.
Mission
Vision
Key Team
Mr. Sunil Lalai (Exec. VP of Legal, Compliance Officer & Company Sec.)
Ms. Varsha Jain (Head of CSR & Facility Management and Exec. Director)
Mr. Sunil Kolhe (Chief Sourcing Officer)
Prabhas Chandra Dash (Pres of Aftermarket)
Satrajit D. Sharma (Chief Technology Officer of India Operations)
Recognition and Awards
References
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Mr. Satrajit Ray (Group CFO & Exec. Director)
Mr. Anurang Jain (MD, Promoter & Director)
Mr. Ramesh Gehaney Sr. (COO & Exec. Director)