PORTLAND, Maine — A Boston-based private investment firm has acquired Sage Data Security, an information security firm based in Portland that works in the financial, health care and government sectors.
Knob Hill Partners’ acquisition will provide the capital needed to help Sage expand its data security services, according to a media release.
Charlie Burckmyer and Scott Noll, founders of Knob Hill Partners, will take over operational responsibility for the business. Sari Greene, the company’s founder, has been named to the board of directors, according to the release.
Knob Hill Partners is what’s known as a “search fund.” Burckmyer and Noll launched the fund in 2008 with $500,000 from a dozen investors and the goal of acquiring a small to mid-size company in the energy efficiency, specialty software or information technology sectors, according to a 2009 article in The New York Times.
Sage, which Greene founded in 2002, will maintain its name, management team, employees and Portland headquarters, according to the release. Greene was not available late on Wednesday for comment.
Burckmyer told the NYT in 2009 that he and Noll were not interested in quickly flipping the company they acquired. Instead, they would want to remain for the long term in their new management roles and to avoid layoffs if possible.
Details of the deal were not released. However, the NYT article said Knob Hill Partners was looking for an acquisition with a price tag between $10 million and $30 million.
“Knob Hill Partners is a great fit for Sage. Their investment will bring considerable capital resources, a strong professional network, and additional leadership strengths to accelerate the company’s development,” Greene said in a statement. “I’m excited for Sage’s future.”