Evolve IP, the Wayne based cloud services firm, has sold the majority stake in its company to Great Hill Partners, a Boston private equity firm,writes Dan Norton for Philadelphia Business Journal.

Evolve IP has been expanding for some time now and this infusion of capital will provide additional funds. The company, which employs nearly 200 workers, will also allocate a portion of the cash to building its product line and adding jobs.

Evolve IP Chairman and CEO, Tom Gravina, said that Great Hill usually makes equity investments in the range of $25 million to $150 million, but declined to reveal the terms of this transaction.

“With this investment, we will have the opportunity to accelerate our growth, organically and via acquisitions, much more quickly than we could have as a closely held company,” said Gravina. “Our priorities will be to provide new and existing customers with a wider range of cloud-based solutions, services and functionality to enable them to meet their business goals effectively and affordably.”

As cloud technology gains popularity, Evolve IP’s services have been growing. The company currently has 1,300 commercial business accounts and 100,000 users, licensed seats, and managed endpoints in 15 countries. Gravina noted that while the company has grown 85% organically, it must also capitalize on merger and acquisition opportunities that are available in the market now.

“We’ve acquired seven companies in last eight years,” said Gravina. “We can accelerate that significantly, but to do that, we need access to significant amounts of capital.”

He added that for now, there are no plans to sell the whole company and he will remain one of the company’s leaders for the foreseeable future.

Read more about this transaction at Philadelphia Business Journal here, and check out previous VISTA Today coverage of Evolve IP here.