MSP M&A: Logically Acquires MicrosoftCloud Consultancy Cornerstone IT
This is technology M&A deal number 584 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Logically, founded in 1999, is based in Portland, Maine. The company has 261 employees listed on LinkedIn. Logically’s areas of expertise include network engineering, application development, healthcare consulting, IT outsourcing, managed services, managed security services, Office 365, IT strategy and planning, cloud migration and security, audit and compliance.
Cornerstone IT, founded in 2003, is based in Mentor, Ohio. The company has 47 employees listed on LinkedIn. Cornerstone IT’s areas of expertise include managed services, cloud computing, managed security, Microsoft, public and private cloud hosting and backup and disaster recovery.
This latest acquisition is the eleventh announced by Logically since 2019. The acquisitions have been part of the company’s strategy to enhance its footprint throughout the United States, while also continuing its legacy of high-touch customer support.
Previous deals included:
- 2021: Halski Systems.
- 2021: Cerdant, Network Support Co (NSC) and NG2.
- 2020: Personal Computer Resources (PCR).
- 2019: Carolinas IT and Sullivan Data Management.
Logically said it plans to continue acquiring successful MSPs that are culturally in sync with its core values.
Logically Acquires Cornerstone IT: Executive Insight
Raymond Paganini, CEO, Cornerstone IT, commented:
“Our priority is and will continue to be the trusted source of IT support for our customers that have come to rely on us during times of growth and adversity. Logically shares the same mission and consistently outperforms competitors in service of this goal, and we couldn’t be more excited to be part of this stellar team and partner in its growth. I am looking forward to to remaining on board and joining the Logically family, along with many other valued Cornerstone IT employees.”
Michelle Accardi, CEO, Logically, said:
“We are thrilled to announce that we’re bringing Cornerstone IT into the Logically family in order to remain on the cutting edge of security, cloud and Microsoft services that ensure our customers enjoy all the benefits of our expert teams. Customers in the industries that Cornerstone IT serves will benefit greatly from the added knowledge and experience our new team members bring to the table, and we are looking forward to having the Cornerstone team thrive within our organization.”
Private Equity and Logically
The Riverside Company invested in Logically in July 2018. The private equity firm typically invests in companies with enterprise values of under $200 million. Riverside’s sector focus spans business services, consumer brands, education and training, franchisors, healthcare, software and IT services. The private equity firm’s portfolio is listed here.