Tech News Summary:
- Thrive, backed by private equity firm Court Square Capital Partners, has acquired IT Freedom, marking its 19th acquisition since 2016.
- This acquisition is the 200th technology M&A deal covered by ChannelE2E and MSSP Alert in 2023 alone, highlighting the active nature of the industry.
- By acquiring IT Freedom, Thrive aims to expand its NextGen managed security and services platform into Texas and accelerate the digital transformation journey for IT Freedom customers.
In a major power move, Thrive, a leading managed service provider (MSP), has successfully acquired IT Freedom, cementing its dominance in the MSP merger and acquisition (M&A) scene. The deal, announced earlier this week, marks a significant milestone for both companies and is expected to create a formidable force in the IT services industry.
Thrive, known for its comprehensive suite of services and robust infrastructure, has been expanding its presence in the MSP market consistently over the years. With the acquisition of IT Freedom, a highly respected MSP specializing in providing managed IT services to small and medium-sized businesses, Thrive is set to strengthen its position as a market leader.
IT Freedom, based in Austin, Texas, has garnered a stellar reputation for its exceptional customer service, deep technical expertise, and ability to tailor IT solutions to meet individual client needs. The company’s focus on building long-term relationships and delivering reliable and secure IT support has made it a trusted partner for businesses across various industries.
This strategic acquisition will enable Thrive to leverage IT Freedom’s expertise and client base, further consolidating its strong market position. By integrating IT Freedom’s capabilities, Thrive aims to enhance its offerings, expand its reach, and provide even more comprehensive managed IT solutions to its clients.
Thrive CEO, Rob Stephenson, expressed his excitement about the acquisition, stating, “This is an incredible opportunity for both Thrive and IT Freedom. By combining our strengths and resources, we are taking a giant leap forward in our mission to provide unparalleled managed IT services to businesses nationwide. Together, we will continue to deliver exceptional value to our clients while driving innovation and growth in the industry.”
The merger is expected to bring numerous benefits for both Thrive and IT Freedom customers. With expanded resources and capabilities, clients can look forward to an even more extensive range of IT services, including cloud computing, cybersecurity, network infrastructure, and data backup solutions. Additionally, the combined expertise of both companies will enable them to offer advanced and comprehensive IT solutions tailored to the unique demands of each organization.
This acquisition is just one of many recent power moves in the MSP M&A landscape, as companies seek to consolidate their positions and deliver enhanced value to clients. As the technology landscape continues to evolve rapidly, MSPs must adapt and innovate to stay ahead. Thrive’s acquisition of IT Freedom showcases the company’s proactive approach to growth and its commitment to providing best-in-class IT services to businesses.
As Thrive takes the lead in the MSP M&A scene with this significant acquisition, industry analysts predict that it may prompt other players to reevaluate their strategies and explore similar consolidation opportunities. With the IT services market becoming increasingly competitive, the landscape is ripe for further M&A activity as MSPs strive to stay at the forefront of the industry.
Overall, the acquisition of IT Freedom by Thrive represents a landmark moment in the MSP sector. With their combined expertise and resources, these two industry leaders are well-positioned to shape the future of managed IT services, delivering unmatched value to businesses across the nation.