Mid-Market MSP Acquisition: NexusTek Buys Symmetrix Solutions
NexusTek, backed by private equity firm Abry Partners, has acquired Symmetrix Solutions, a managed IT services provider (MSP) in Denver, Colorado. Financial terms were not disclosed.
This is M&A deal number 395 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Symmetrix, founded in 2012, has been one of the fastest-growing privately held companies in the United States, according to the Inc. 5000 list for 2019 and 2018, though ChannelE2E does not know actual revenue or profit figures for the IT service provider.
The NexusTek-Symmetrix deal has several synergies, according to NexusTek CEO Bill Wosilius. He points to Symmextrix managed IT, cloud, and cybersecurity services blending with NexusTek’s nationwide support infrastructure and 24/7/365 service model. The result will be a single nationwide umbrella to manage IT services for mid-market business customers, Wosilius asserts.
NexusTek Acquires Symmetrix: Executive Perspectives
In a prepared statement about the deal, Wosilius noted:
“NexusTek’s focus on exceptional customer satisfaction is enhanced through internal process improvement as well as through additions of companies like Symmetrix Solutions to the NexusTek family. Symmetrix Solutions attention to customer satisfaction shows in their extremely high customer retention rates and direct customer feedback. We are excited to add the Symmetrix team to our national platform and increase our market presence in the Denver/Rocky Mountain region.”
Added Shawn Audino, managing partner of Symmetrix Solutions:
“Our expertise in bringing IT from the basement to the boardroom, specifically with Enterprise clients in many industries including the Architecture, Engineering, and Construction (AEC), Healthcare, and Education verticals, will help NexusTek grow not only in Colorado but nationally. We are excited to join the NexusTek and Abry Partners portfolio.”
NexusTek, Abry Partners Acquisition History
NexusTek has remained in steady acquisition mode. The nationwide MSP acquired Notonsite in 2019. And in August of 2018, NexusTek acquired three IT services providers to help expand its MSP, IT consultation, and professional services business. Another deal involved Zumasys.
Abry Partners, meanwhile, has extensive MSP investment experience. In addition to NexusTek, the company’s MSP-focused investments include:
- February 2020: Asignet, an MSP that’s preparing to launch a robotic process automation (RPA) platform called Robot4IT.
- January 2019: Investing in Options Technology, an MSP that offers managed cloud applications to financial services firms.