SourceCode™ Expands Global AI Presence with Acquisition of Boston Limited

SourceCode a Cerberus Company also Announces New Board Appointments for the New Era of Co-Designed AI-Enabled Infrastructure

NORWOOD, Mass., June 26, 2023 /PRNewswire/ -- SourceCode, a pioneer of co-designed, custom, certified IT systems for next generation AI infrastructure spanning the cloud, datacenter and edge, today announced that it has agreed to acquire UK-EU-based Boston Limited, a leading provider of high-performance server and storage solutions for the significant growth in business around data, media, and AI as well as traditional IT workloads. SourceCode is a portfolio company of Cerberus Capital Management, L.P. ("Cerberus"), a global leader in alternative investing. The transaction is expected to close on June 30, 2023.

With a combined presence across four continents, the synergistic addition of Boston Limited will create a global powerhouse able to serve local and global customers with a rich set of device-to-datacenter-to-cloud offerings.

Arthur Ataie, SourceCode CEO, said: "As the world moves towards intelligent infrastructure, the modern enterprise with its burgeoning specialized workloads demands a new approach to IT solutions. The addition of Boston Limited, further enables us to address the industry's need for a new class of technology partner, one that delivers customer-first, engineering-led, best-in-class solutions — from intelligent edge devices to data centers and the cloud."

With an increase in size, scope, and strength, SourceCode is also strengthening its collaboration with its long-term trusted partners in the semiconductor, original device manufacturers (ODM), and software industries. This will allow SourceCode to better serve the needs of its clients—with a broader product portfolio, stronger supply chain, and worldwide reach.

"I am very happy to see two of our oldest friends join hands to make a bigger group that can leverage the systems we design and manufacture at Supermicro. Our facilities are well known to both SourceCode and Boston and I feel this is a strong move that will provide benefits to all of us and the industry," commented Charles Liang, Founder and CEO of Super Micro Computer Inc.

Boston Limited original founders, Manoj Nayee and Dev Tyagi, will continue in the combined company.

"It seems like a homecoming!" said Manoj Nayee, Managing Director and co-founder of Boston Limited. "Boston and SourceCode were both founded in 1992 and share a proud heritage, a customer-first culture, and excellent reputation with leading organizations across four continents. As we serve more global customers with a richer set of customized solutions, the time is right to join forces with SourceCode. We are entering this next phase with a clear strategy, unrelenting support, and long-term commitment to work towards accelerated growth with the executive teams at SourceCode and Cerberus Capital Management."

SourceCode will accelerate its already substantial focus on delivering co-designed and customized computing solutions for emerging needs such as generative artificial intelligence, intelligent edge compute, and high-performance computing, offering solutions for edge devices to datacenter and large-scale systems.

Michael Sanford, Global Head of Private Equity at Cerberus, added: "SourceCode is a key player in enabling critically important technology infrastructures, which is an area of focus for Cerberus. This combination creates a global leader serving partners across industry verticals and governmental organizations." Cerberus acquired SourceCode in 2021.

New Board Members

SourceCode also announced the appointment of two industry luminaries to its Board of Directors: Alain Andreolli, former president, and EVP of the Hybrid IT Group at HPE, and Peter Ungaro, former CEO of supercomputer leader Cray and subsequently SVP/GM of HPC & MCS at HPE.

Shaygan Kheradpir, Chairman of the SourceCode Board and Technology-Telecom team lead at Cerberus, commented: "Our advanced technology investments drive a clear vision towards a new era in global competitiveness and supply chains, with highly customized AI applications for enterprises and individuals that deliver immersive experiences via industrial strength 5G networks. In addition to this acquisition, I am delighted to welcome globally recognized industry leaders Alain and Peter to our Board. These appointments, alongside our combination with the talented team at Boston Limited, position SourceCode exceptionally well for the future."

Alain F. Andreoli is a global CEO, board member, investor, and geopolitical visionary at Earth our Country, which he founded in 2019. He spent nearly eight years at HPE, most recently as President/EVP of the Hybrid IT Group, a $16 billion P&L core business of HPE including hybrid cloud, compute, storage, networking, HPC, and software. He was Chairman and CEO at Hubwoo, a public Euronext company, and President of European Operations at Sun Microsystems. Mr. Andreoli was also President and CEO at X-IO Technologies, and President and COO at NTT Japan/Verio.

Peter Ungaro is a globally recognized technology executive, among the "40 under 40" by Corporate Leader Magazine in 2008, and CEO of the Year in 2006 by Seattle Business Monthly. He was most recently SVP/GM of HPC & MCS at HPE, a key area of growth for the company. Previously, he was President and CEO for Cray. Prior to joining Cray in 2003, Mr. Ungaro served as Vice President of Worldwide Deep Computing Sales for IBM, where he led global sales of all IBM server and storage products for high performance computing, life sciences, digital media, and business intelligence markets.

About SourceCode

Founded in 1992, SourceCode is a global provider of co-designed, custom, certified IT systems for next generation intelligent infrastructure. The company's edge devices, desktop, servers, storage, clusters, and reference architectures are available via its industry-leading ecommerce platform as well as its customer-centered engineering-led engagement model.

About Boston Limited

Boston Limited has been synonymous with servers, storage, and solutions for 30 years, establishing itself as the early adopter of a wide variety of global technology partners and a leading global provider of tomorrow's technology today. With offices in the UK, France, Germany, USA, South Africa, and Australia, Boston provides consulting and training services in Machine Learning, AI, Security, and Storage, across several different industries.

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with approximately $60 billion in assets under management across complementary credit, private equity, and real estate strategies. We invest across the capital structure where we believe our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors.