In this transaction, Oaktree recapitalized the Company and invested additional growth capital to support its continued expansion. Oaktree is majority owned by Brookfield Asset Management Inc., who together have over $500 billion of assets under management. Cloud5 President & CEO Mark Holzberg will continue to lead the Company and serve on its new Board of Directors.
"Throughout our relationship, we have been very impressed by the evolution and growth of Cloud5," said Michael Shannon, Senior Vice President at Oaktree. "With Mark's leadership and the impressive team he has built, Cloud5 has resulted in terrific growth and standing within the hospitality industry. We are very bullish on the Company and excited to be investing additional capital to support its continued growth." Michael Shannon joined Cloud5's Board as part of the transaction."
"We have a long history with Oaktree, and we are enthusiastic about its higher level of partnership and investment to accelerate the growth potential of Cloud5," says Mark Holzberg, President & CEO, Cloud5 Communications. "Cloud5 is well positioned to further expand its ability to deliver superior communications solutions to the hospitality industry and enhance guest experiences throughout this next stage of advancement."
Oaktree is a global alternative asset manager with a diversified mix of opportunistic, value-oriented and risk-controlled investments across credit and other investment offerings. In 2019, Brookfield acquired a majority interest in Oaktree, and it continues to operate as a standalone business. The two firms share fundamental values and an approach to investing that is long-term, value-driven and contrarian, with a focus on the downside protection of capital. Together, Brookfield and Oaktree have over $500 billion of assets under management and provide investors with one of the most comprehensive offerings of alternative investment products available today. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.
Cloud5 is hospitality's leading communications technology & services provider. Its two world-class business units serve the unique needs of thousands of hotels, from large luxury hotels and resorts to economy properties, working with major brands, ownership groups, management companies and independents. Cloud5 Technology designs, builds and supports high-performance Internet / Network and Voice solutions for hotels committed to offering the best guest connectivity experience. Cloud5 Contact Center is an award-winning voice reservations and agent services provider dedicated to hospitality that delivers enhanced conversion rates and brand experience, serving the full range of operations from economy hotels to the world's top luxury hotel brand. For more information on Cloud5 solutions, visit www.cloud5.com, or call 877.241.2516.