NewRocket, backed by private equity firm Gryphon Investors, has acquired Service Stack Technologies. Both companies are ServiceNow Elite partners. The financial terms of the deal were not disclosed. The financial terms of the deal were not disclosed.
This is the technology M&A deal number 183 covered by ChannelE2E so far in 2022.
M&A ServiceNow Partners brings together Businesses
Service Stack, based on PuneMaharashtra, Indiaprovides consulting and delivery services and solutions to IT Workflows, Customer Workflows, Employee Workflows, and Digital Transformation.
Meanwhile, NewRocket has completed more than 4,000 ServiceNow projects for customers. the buyer plans to use the Service Stack team to drive growth Europe at Asia. Founding directors of the Service Stack Mukul Kant Sharma at Vipin Kumar will join NewRocket in “key leadership roles,” though actual executive titles have not been announced.
In a prepared statement about the deal, Gabe Stephensonmanaging director within the Business Services Group at Gryphon, said:
“Service Stack Technologies is NewRocket’s fifth acquisition in eight months as it continues to aggressively grow the business and accelerate impact for clients around the world. By adding another ServiceNow Elite Partner with global capabilities and the proven ability to sell to and retain blue-chip clients, NewRocket is in a truly unique position to serve more customers in more sectors as leading ServiceNow firm in the world. “
NewRocket CEO Matt Stoyka added:
“We are pleased to welcome Mukul, Vipin, and the entire Service Stack team to our NewRocket crew. Our teams have a long history of collaboration. Service Stack consultants are recognized for their expertise in solving complex technical challenges and for their in-depth knowledge of the platform that collectively creates great solutions for clients, as demonstrated by leading satisfaction score. Together, we are on a mission to do more to deliver meaningful experiences and extraordinary results with ServiceNow. “
Sharma concludes:
“This is the perfect time to partner with NewRocket and to begin this journey together. We have many customers we serve across the landscape of offers on the ServiceNow platform, and our CSAT score is an impressive 5 out of 5. This partnership brings together our teams with their strong technical and functional expertise to provide a wider range of solutions and services to the marketplace.
In our longstanding partnership with NewRocket, we are excited to bring together teams to work as a crew. Service Stack’s deep knowledge and expertise in AIOps, BFSI, Digital Transformation, and Platforms with NewRocket’s pedigree and portfolio is an elite power combination. We look forward to growing the business, providing new opportunities for our teams, and strengthening our presence India and all over the world. ”
The NewRocket Experience in Acquiring ServiceNow Partners
NewRocket has M&A experience. The company merged with fellow ServiceNow partner HighMetric in September 2021, and the combined businesses grew under the name NewRocket.
Private equity firm Gryphon Investors has owned Highmetric since May 2018. At the same time, Highmetric also acquired ServiceNow partners Fishbone Analytics and Iceberg Networks.
In July 2020, Highmetric acquired Vorto, a ServiceNow partner in the United Kingdom focused on financial services customers. Vorto’s intellectual property includes quality in-house grown code and patch management software designed for ServiceNow customers.
Gryphon Investors: Private Equity and IT Services Provider (ITSP) Focus
Gryphon is a common investor $ 50 million sa $ 300 million in portfolio companies with business values from approx $ 100 million sa $ 600 million.
Highmetric owner Gryphon Investors has extensive experience in and around the IT services provider (ITSP) market. For example, the private equity firm owns Microsoft Azure cloud consultancy 3Cloud. And 3Cloud, in turn, acquired the consulting arm of Pragmatic Works in September 2020.