Covington Associates

Covington Associates Announces Advisory Role in the Sale of Formedix to Certara

February 25, 2021 02:28 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Recapitalization of CloudWave by Abry Partners

February 1, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Park Place International LLC, DBA CloudWave (“CloudWave” or the “Company”)., a cloud and managed services provider for healthcare, in the recapitalization of its business by Abry Partners II, LLC (“Abry Partners” or “Abry”), a Boston-based private equity firm.

Abry has deep knowledge of the IT services sector and a successful history of investing in innovative companies that drive long-term value.  Abry’s investment in CloudWave will support the continued growth of the Company and its rapidly expanding cloud services offering.  CloudWave’s executive team, led by President & CEO Erik Littlejohn and Chief Strategy Officer Jim Fitzgerald, will continue to run and operate the Company.

Headquartered in Marlborough, Massachusetts, CloudWave enables hospitals and healthcare organizations to migrate critical IT services like EHR Hosting, medical imaging, disaster recovery, analytics, and interoperability to secure, performant, highly available multi-cloud platforms with a range of healthcare-centric managed services.  CloudWave bridges the gap between legacy healthcare applications and native SaaS applications by weaving them together in a seamless platform that embraces Edge Cloud, Private Cloud, and Public Cloud resources. CloudWave also deploys skilled technology consultants who help hospitals and healthcare providers successfully optimize and integrate existing IT assets into contemporary cloud solutions.  CloudWave’s services include managed hosting, disaster recovery, backup as a service, and archiving, as well as security and end-to-end technical, clinical, and user support services.

“CloudWave is eager to enter this next stage of growth with the support of Abry Partners.”, said Erik Littlejohn, President and CEO at CloudWave.  “The leadership team at CloudWave is happy to have a partner who understands the healthcare market, the challenges our hospital customers face, and the opportunity that lies in helping to solve for these challenges with cloud-based technology solutions.  We are fortunate to join together with Abry as an experienced financial partner in the IT services industry, enabling us to both leverage the strong foundation we’ve built on our core capabilities and invest in a strategy to expand the scope of services we offer to serve the needs of our customers.”

Jim Fitzgerald, Chief Strategy Officer and CloudWave founder, adds “Our vision for CloudWave has always centered on helping our hospital customers focus on their mission of serving their communities by providing solutions that offer operational sustainability.  Cloud platforms can help hospitals address many issues associated with complexity, cost, and resiliency, but we found that operating and managing systems continued to be burdensome.  We built our OpSus Cloud Services to be the healthcare cloud delivered by healthcare people.”, Jim advised. “Point cloud solutions and managed services that meet customer needs, combined with CloudWave’s expert federation and delivery, will continue to be our focus as we execute on our expanded vision with Abry Partners.”

“We are excited to partner with the CloudWave team to support their continued growth and delivery of innovative IT services to healthcare,” said Brian St. Jean, Partner at Abry Partners.  “The CloudWave team has demonstrated deep IT operations expertise, commitment to customer satisfaction, and an impressive track record of achieving successful outcomes for their healthcare customers.”, added St. Jean.   “We look forward to working with CloudWave as they develop and expand the business, and we are committed to investing in their growth.”

Covington Associates, a leading middle market investment bank, acted as exclusive financial advisor to CloudWave in its sale to Abry Partners.

About Covington Associates

Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 250 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information can be found at

About CloudWave

CloudWave helps hospitals bring public, private, and cloud edge resources together into a single operating environment. Our OpSus Cloud Services deliver managed hosting, disaster recovery, systems management, security, backup, and archiving services to healthcare.

About Abry Partners

Abry is one of the most experienced sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds.