Thrive, backed by private equity firm Court Square Capital Partners, was acquired SouthTech, a managed IT services provider (MSP) in Sarasota, Florida. The financial terms of the deal were not disclosed.
This is the M&A technology deal number 245 covered by ChannelE2E so far in 2022. View more than 1,000 M&A technology deals involving MSPs, MSSPs and IT service providers listed here.
Evolve: Recent Acquisition of MSP, Focus on Security
SouthTech – the seller in this case – has 55 employees listed on LinkedIn. The seller supports more than 275 companies in the southwest Florida. Key offers include managed services; cloud and hosting solutions; backup and disaster recovery services; unified communication; compliance audits; and data security, says the seller.
This is Thrive’s second take on Florida this year. The other deal involved the purchase of Preemo’s Thrive.
Thrive has acquired more than a dozen MSPs, IT service providers and consulting firms since 2016. Other relatively recent deals include the purchase of InCare Technologies, Howard Tech Advisors, Apex IT Group, and ONI, among others.
Thrive now positions itself as a “security-first MSP” that delivers “comprehensive managed services and unmatched expertise to drive secure digital innovation for small to medium-sized businesses in many industries, “insisted Thrive.
Thrive acquired SouthTech: MSP Executive Perspectives
In a prepared statement about the deal, Thrive CEO Rob Stephenson said:
“The SouthTech team provides unique services for complex client technology issues that are very close to our customer-centric approach. Ang Florida the market is hot, and we want to find the best MSP partner on the West Coast to promote Thrive cybersecurity, Cloud and digital transformation platforms in the region. That is delivered by a talented team of SouthTech employees. ”
Added Nathan BaileyCEO/COO of SouthTech:
“For over 25 years, SouthTech’s mission has been to be a trusted long -term partner to companies by delivering custom technology solutions and being a people -managed service provider. We are excited to join the Thrive family because their overall goal is aligned with our values and IT service offerings as a technological guide for the customer’s path to success. ”
The Evolution of the Thrive Business and Private Equity Ownership
Private equity firm Court Square Capital Partners acquired Thrive in January 2021. Key areas of focus include: MSP’s expansion into fast -growing areas such as ServiceNow, automation, artificial intelligence and cybersecurity, it said by Thrive at the time.
Thrive’s business journey proves that MSPs, under proper ownership and executive leadership, can rise from local IT support to national prominence. For Thrive, the business trip involves several mixed years of performance under Staples ’former ownership. The turning acceleration point came in 2015, when Rob Stephenson began consulting for Thrive Networks under the direction of MetTel.
A Big Bang came in 2016, when M/C Partners acquired Thrive Networks and Corporate IT Solutions, and Stephenson was tapped to run the integrated businesses. Thrive then acquired several MSPs, before Court Square acquired the company in January 2021 to stimulate the next round of national growth.