Fully Managed: New Financing, More MSP Acquisitions?
Fully Managed, the Canadian MSP (managed IT services provider), has secured $25 million in financing from Comerica Bank and BDC Capital. The deal will fuel organic growth and strategic acquisitions across North America, the company said.
Fully Managed is a Top 100 Vertical Market MSP that merged with CareWorx in December 2018. Earlier, CareWorx received $17 million in private equity funding from Kayne Partners in 2018.
Fast forward to present day. The MSP, backed by 300-plus employees, now supports more than 1,200 customers in the U.S. and Canada across three lines of business:
- Managed IT services for small and medium-sized businesses and multi-location enterprises;
- senior care IT services for skilled nursing facilities and senior living; and
- enterprise service management for MSPs, mid-market and enterprise clientele. This group has customized ServiceNow for use in those target markets.
Fully Managed Funding: Executive Perspective
Describing the latest financial backing, Mark Scott, CEO of Fully Managed, commented:
“Fully Managed is pleased to partner with Comerica and BDC to support our capital requirements to keep pace with our rapid growth. The company will continue to expand regionally through MSP acquisitions with a focus on US major market expansion in the next 2 years.”
Fully Managed has extensive experiencer on the M&A front, and a deep bench of MSP industry experts. Scott, for instance, is the former CEO of N-able Technologies, which SolarWinds ultimately acquired for remote monitoring and management (RMM) software capabilities.
On the M&A front & R&D fronts, earlier Fully Managed moves include: acquiring ServiceNow partner Lime Collar Group of Toronto in 2019, and launching that multi-tenant version of ServiceNow for midmarket customers and MSPs in 2018.
ServiceNow Partner Mergers, Acquisitions and Growth
Meanwhile, numerous ServiceNow partners have been acquiring one another to gain scale and fill skills gaps.
Additional insights from Joe Panettieri.