New Charter Technologies, a portfolio company of Oval Partners, has acquired managed services provider (MSP) BNMC for an undisclosed amount. The deal will help New Charter enhance its managed IT services and solutions, according to the company.
This is technology M&A deal number 120 that ChannelE2E and MSSP Alert have covered so far in 2024. See more than 2,000 technology M&A deals for 2024, 2023, 2022, 2021, and 2020 listed here.
New Charter Technologies, founded in 2018, is headquartered in Palo Alto, California. The company has 37 employees listed on LinkedIn. New Charter’s areas of expertise include IT support, managed IT services, IT consulting, cloud computing, cybersecurity, and IT outsourcing.
BNMC, founded in 1988, is headquartered in Woburn, Massachusetts, with an additional office in Nashua, New Hampshire. The company specializes in IT managed services, technical support, cybersecurity, virtualization, and cloud services.
New Charter recently appointed Peter Melby as its CEO, with company founder Mitch Morgan assuming the role of executive chairman. The leadership change was part of the company’s overall strategy to bolster its innovation and growth.
New Charter’s Unique Platform
Oval Partners and New Charter operate an equity partnership model, which sees the acquired companies’ leadership remain with the organization to help run and expand its operations.
The investment partnership has acquired more than 20 companies since 2020 and operates in 28 cities in the United States. Previous deals have included Complete Technology Solutions (CTS), Braver Technology, Olmec Systems, Greystone Technology, The Tech Group, Adnet, and Strategic Solutions.
New Charter’s four founding MSPs, as announced in September 2020, were:
- ActiveCo Technology Management of Vancouver, British Columbia.
- Apex Technology Management of Redding, California.
- DCG Technical Solutions of Los Angeles, California.
- PennComp Outsourced IT of Houston, Texas.
Despite the many M&A deals, none of them fit into the traditional “sell and exit” strategy for the MSP owners, as ChannelE2E has reported. Instead, Oval Partners invests in the companies and helps them scale, keeping the previous owners on hand to run and expand the company using lessons gleaned from their other businesses.
ChannelE2E is compiling a series on similar platform MSPs, most recently profiling The 20 MSP. We will have a profile on New Charter in the coming days.
New Charter Acquires BNMC: Executive Insights
Roger Michelson, President and CEO of BNMC, commented:
"Joining forces with New Charter represents a significant milestone for BNMC. We believe that the future of the managed services industry lies in collaboration and leveraging collective expertise. This partnership allows us to not only continue our growth trajectory but also enhance our ability to provide exceptional services, such as cybersecurity and risk management, to our clients. With New Charter's resources and support, we are confident in our capacity to stay ahead of industry trends and deliver top value to our clients and employees."
Azeddine Jakib, COO/CTO, BNMC, said:
"At BNMC, our commitment has always been to grow the business while maintaining the highest standards of service. Joining New Charter enables us to achieve these goals while gaining access to additional resources and support. We're excited about the opportunities this partnership brings and look forward to continuing to provide innovative solutions that meet evolving needs. Our goal remains unchanged: to grow, take care of our people, and ensure our solid service. New Charter offers us the ability to achieve these goals and tap into new markets while preserving our culture and client-focused approach."
Peter Melby, CEO, New Charter Technologies, added:
"We are thrilled to welcome BNMC to the New Charter platform. Their expertise and dedication to client satisfaction align perfectly with our mission to deliver innovative IT solutions and exceptional service. Today, businesses must constantly adapt and modernize to stay competitive. We need to be change agents. Our partnership with BNMC not only strengthens our service offerings but also underscores our commitment to helping businesses navigate and thrive in the current business landscape. Together, we can empower our clients to embrace innovative technologies to achieve their strategic goals."
