Trace3 Expands Technology Portfolio With LaSalle Solutions Acquisition
Trace3 will acquire LaSalle Solutions, a business division of Fifth Third Bank, to expand both companies’ technology solutions portfolio and extend Trace3’s national footprint. Financial terms of the deal were not disclosed. The transaction is expected to close in April 2022.
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Trace3 Acquires LaSalle Solutions
LaSalle Solutions was founded in 2000 and is headquartered in Rosemont, Illinois. The firm serves enterprise clients, including several Fortune 500 companies. LaSalle’s infrastructure lifecycle management platform, called LAMP, is an asset management tool designed to assist clients in optimizing the management of their IT environment, the company said. The newly combined company will serve as a leading technology solutions provider in cloud, data intelligence, security, and overall enterprise IT, according to Trace3.
Trace3 was founded in 2002 and is a technology consultancy and services provider offering end-to-end technology services and solutions from artificial intelligence and data science to cloud computing and security consulting. The company also offers a venture capital briefing program, with a focus on emerging technologies. Trace3 is headquartered in Irvine, California and has 25 office locations across the United States, according to Trace3.
LaSalle clients will gain access to Trace3’s advanced technology portfolio, including expertise in security, data intelligence, artificial intelligence and advanced data center. LaSalle clients will also benefit from Trace3’s long-standing commitment to providing emerging-tech-inspired solutions in close partnership with the venture capital community, according to LaSalle. LaSalle will enhance Trace3 offerings in data center infrastructure, collaboration and IT lifecycle services, the company said.
The LaSalle leadership team will continue to oversee the business through the creation of a lifecycle management business unit within Trace3.
Trace3 Acquires LaSalle: Executive Commentary
Rich Fennessy, CEO of Trace3, commented on the news:
“For years we have provided consulting services on how to leverage technology and data to help businesses grow and operate efficiently. It’s clear many organizations continue to struggle with maintaining visibility across their increasingly complex IT environments, especially as they evolve toward hybrid cloud. LaSalle will help us provide that visibility and insight for clients to more efficiently manage their IT assets, maintenance agreements, and ultimately simplify IT lifecycle processes.”
Steven Robb, president of LaSalle Solutions, added:
“Lasalle is excited to join Trace3 and deliver even greater value to our clients. We intend to leverage our combined engineering, sales, and management teams to develop additional service offerings for our clients, create new opportunities for our employees, and improve our standing within the partner ecosystem. The combined business will continue providing a solutions-focused and results-driven approach for technology clients. This is an exciting time for our company.”
RBC Capital Markets is serving as exclusive financial advisor to Fifth Third, and Alston & Bird LLP is serving as legal advisor to Fifth Third. Benesch Friedlander Coplan & Aronoff LLP is serving as legal advisor to Trace3.
Fifth Third acquired LaSalle in 2019 as part of the merger between Fifth Third’s parent Fifth Third Bancorp and MB Financial, Inc. and will retain the leasing arm of LaSalle, according to LaSalle. Fifth Third is selling the parts of LaSalle that are not in line with its core banking operations, the company said.
Private equity firm American Securities has owned Trace3 since Sept 2021. The company has extensive M&A experience. Earlier acquisitions include Groupware Technology, Data Strategy and Optio Data Leads.