Magna5 Acquires IT Services Provider StableNet
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Magna5 Acquires StableNet
Magna5 is a managed IT, cybersecurity and cloud-based services provider and a NewSpring Holdings platform company based in Pittsburgh, Pennsylvania. In addition to managed IT services, cybersecurity and private and public cloud hosting, the firm provides backup and disaster recovery to mid-market and enterprise customers, including within the education, healthcare, government, financial services, manufacturing and other verticals, according to the company.
StableNet is a North Carolina-based managed IT service provider with clients in the manufacturing, legal and financial sectors, according to the company’s website.
This is the fourth managed services acquisition for Magna5 and comes on the heels of record 2021 and Q1 2022 organic revenue growth of over 20% year-over-year, according to the company. Most recently, Magna5 acquired TCG Network Services (TCG), a Boston, Massachusetts-based managed IT and cybersecurity services provider. In November 2021, Magna5 sold its telco business to International Telecom (ITL) to focus on pure-play MSP activities and managed services acquisitions. Magna5 acquired New York-based SpinnerTech in May 2021 and has been pursuing additional acquisition opportunities to enhance its capabilities and expand its reach, the company said.
Magna5 Acquires StableNet: Executive Commentary
Marc Hill, CEO of Stablenet, commented on the news:
“We are thrilled to join a company that invests significantly in its state-of-the-art network security and a private cloud infrastructure. Our customers will benefit immensely from Magna5’s depth of expertise as well as its robust managed IT services offerings.”
Bob Farina, CEO of Magna5, added:
“Our clients are small to mid-size enterprises that look to Magna5 to handle their most mission-critical IT performance needs, enhance the experience of their end-users and allow them to focus their resources on activities that are strategic to their organization’s business plan. Our strategy is to acquire high-quality local managed IT services providers such as StableNet, while simultaneously investing in our team and technology as we grow to be able to provide a broad portfolio of innovative, market-leading managed IT and cybersecurity services. We’re excited to welcome the StableNet team to the Magna5 family and to provide their customers with added capabilities and resources. In addition, we are thrilled to expand into the growing Charlotte market as we continue to extend our footprint.”