MSPmentor

The Zenith Infotech bond default case will apparently have its next court hearing on November 14. In the meantime, Summit Partners apparently is willing to share details about the Zenith RMM purchase from Zenith Infotech — if the details are not disclosed publicly. But will those details really emerge? Here’s the update.

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The ConnectWise IT Nation conference kicks off November 9, but most attendees are already on hand for numerous pre-conference sessions. So what’s the managed services chatter so far? Here are 10 conversations, trends, and news tips worth tracking.

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Zenith RMM CEO Michael George is further distancing the company from Zenith Infotech, which recently defaulted on a bond payment. The latest move involves a private video from George to Zenith RMM partners and customers. Although Zenith RMM and Zenith Infotech continue to partner, George in the video said Zenith RMM is not encumbered by Zenith Infotech’s bond issue with debt holders. Here’s a closer look at the video.

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Next week is packed with multiple partner conferences, including an Avnet gathering in Las Vegas, the Cloud Channel Summit in Silicon Valley, and IT Nation in Orlando. But before our editorial team hits the road, here are seven managed services blogs MSPmentor didn’t have a chance to write for the week ending Nov. 4, 2011.

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Deeper details about Zenith Infotech‘s financial state may potentially emerge. Zenith Infotech, which defaulted on a bond payment in September, has been ordered by the Mumbai high court to disclose details about the recent Zenith RMM business spin-off, according to the Economic Times. If those Zenith Infotech-Zenith RMM financial details emerge, it could shed light on a range of matters. Here’s why.

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I’m starting to finalize my calendar for the IT Nation conference (Nov. 9-11, Orlando). But before MSPmentor previews that conference, here are seven managed services blogs the MSPmentor team didn’t have time to write for the week ending Oct. 21, 2011.

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Give Zenith Infotech credit. The company remains on the road at trade shows and conferences across North America, even as Zenith Infotech tries to navigate a recent debt default. But here’s the glaring problem: During a keynote session at today’s ASCII conference in New Jersey, Zenith Infotech launched into a cloud computing educational session but failed to address the elephant in the room: The company’s financial viability amid the bond default. Here’s how Zenith Infotech has to adjust its public messaging going forward, especially ahead of the larger IT Nation conference in November 2011.

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eFolder, the cloud storage provider, is set to launch an MSP migration program that helps to shift partners from Zenith Infotech BDR (backup and disaster recovery) to eFolder’s cloud services. The so-called eFolder BDR Rescue Program, which seeks to capitalize on Zenith Infotech’s recent bond default, will apparently launch this week. Here’s what MSPmentor expects MSPs to hear.

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A bondholder petition against Zenith Infotech is expected to be heard in India court on October 26, according to MoneyControl.com, a financial portal in India. Zenith Infotech confirms that it defaulted on a bond payment in September 2011, but CEO Akash Saraf says the company is financially solvent, stable and strong.

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Kutenda, a marketing firm that works closely with MSPs, has no exposure to the recent Zenith Infotech debt default, according to CEO Mike Cooch. Kutenda was co-founded in 2009 by Cooch and Akash Saraf, CEO of Zenith Infotech. But it has been a Cooch-Saraf co-founder relationship rather than a Kutenda-Zenith Infotech financial relationship.

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Zenith Infotech CEO Akash Saraf said the company’s recent bond default is a matter he takes seriously. But Saraf wants to assure Zenith Infotech’s MSPs, partners and customers that “we’re in the process of getting this fixed. It’s not something that will sink the company.” Saraf made the statements to MSPmentor today. To reinforce his point, Saraf described how Zenith Infotech is marching forward with new product rollouts, including virtualization and enterprise enhancements to the SmartStyle Computing platform.

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As Zenith Infotech attempts to negotiate new debt payment terms with bondholders, the company remains on the road engaging managed services providers (MSPs) across North America. In recent days, some MSPmentor readers have asked me if I think Zenith Infotech is financially stable and viable following the company’s recent bond default. It’s difficult for me to offer a pinpoint answer, since I’m not privy to the alleged discussions between Zenith Infotech and its bondholders. Still, I’m poking around for clues — and one of them potentially involves Zenith Infotech’s ongoing commitment to road shows and MSP-centric partner conferences.

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Zenith RMM CEO Michael George continues to draw a cordial but clear line between his company and that of Zenith Infotech, which recently defaulted on a bond payment. While Zenith RMM continues to partner with Zenith Infotech, George says Zenith RMM will also take steps to ensure MSPs have alternative cloud and BDR (backup and disaster recovery) partner solutions from which to choose.

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When Zenith Infotech defaulted on a Sept. 21 bond payment, QVT Financial — a hedge fund with $6 billion under management — apparently was among the investment firms that missed out on the payment. Now, it sounds like QVT is taking legal steps to explore Zenith Infotech’s recent spin-off of Zenith RMM. But who exactly is QVT Financial and what is their interest in Zenith Infotech’s business? Here are some thoughts.

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Zenith Infotech faces another round of questions about its bond default. The Times of India suggests Zenith Infotech’s bond defaults will be about $85 million, rather than the $33 million that had been originally reported. What’s my opinion?

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Zenith Infotech is facing questions about alleged debt issues. The cloud computing company, which works closely with managed services providers, allegedly defaulted on a $33 million debt payment, according to Money Control, a financial portal in India. Bloomberg has now issued a similar report. As of this writing, MSPmentor has not been able to reach Zenith Infotech CEO Akash Saraf, based in India, for comment. But we’ve reached out to Zenith’s U.S. headquarters for potential comment.

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Both N-able Technologies and Zenith RMM have embraced private equity funding in the past week or so. At first glance, the deals are similar: Two private equity firms are pumping money into managed services software companies. Plus, N-able and Zenith RMM compete with one another. But take a closer look and I think you’ll see the private equity approaches are quite different.

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Accel-KKR, a private equity firm, has made a minority investment in N-able Technologies, the managed services software provider. The news comes one week after Zenith Infotech spun off Zenith RMM in a private equity deal. The big questions: How will N-able Technologies leverage the cash infusion? And is the RMM (remote monitoring and management) software market set to accelerate or consolidation?

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The cloud backup and online backup markets are both expanding and consolidating. Two recent examples: VaultLogix has acquired assets from Utility Backup Solutions, and Vembu recently acquired Cloud Nucleus. Those deals surfaced around the same time that Axcient — a hybrid cloud storage specialist – raised $15.5 million in venture capital funding. Plus, more private equity is expected to flow into the managed services software market really soon, MSPmentor has learned. So how can markets expand and contract at the same time? Here’s some perspective.

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Private equity companies are starting to pour money into the managed services software market. The first deal involved Summit Partners investing in Zenith RMM, a Zenith Infotech spin-off, this week. The next private equity deal involving a managed services software company will be announced within two weeks, according to a trusted MSPmentor source. The big question: Is private equity good for the managed services software industry?

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Apparently, Zenith RMM’s spin-out from Zenith Infotech may be the start of a bigger managed services M&A trend. Consider this: Within the heart of the managed services market, a venture capitalist/private equity firm is expected to make a major investment — in a well-known MSP-oriented company — in the next two weeks or so, according to a trusted MSPmentor source. The source says the private equity investment will likely be more significant than today’s Summit Partners investment in Zenith RMM, which spun out of Zenith Infotech today.

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When Zenith Infotech spun-off its managed services software business earlier today, MSPmentor started to pursue timely questions about the spin-off company, known as Zenith RMM LLC. Now, Zenith Infotech CEO Akash Saraf, Zenith RMM CEO Michael George (pictured) and Summit Partners Principal Jason Glass offer some answers and insights for managed services providers. I’ve boiled down our conversation to five key points. Here they are.

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All the talk about the cloud over the past couple of years has obscured managed services to some extent. However, the managed services market remains in high-growth mode, and MSPs looking to increase revenues should be working hard to recruit new customers. But you’re going to need to do some education along the way.

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