MSP Acquisition: Magna5 Acquires NetServe365
Magna5 has acquired NetServe365, a Pittsburgh, Pa.-based managed services provider (MSP) that monitors more than 800 customer networks and 1,200 terabytes of cloud storage, the companies estimate. Financial terms were not disclosed.
Magna5, backed by NewSpring Holdings, has acquired four MSP- and CSP=type companies over the past four months to strengthen the firm’s PaaS, IaaS and UCaaS portfolio. In NetServe365’s case, the company also offers cloud hosting and managed IT security services.
“Acquiring NetServe365 not only solidifies Magna5’s footprint, but also provides an invaluable level of security and risk mitigation to its more than 7,500 small-to-medium sized business customers across the country,” Lee Garber, principal at NewSpring Holdings, said in a prepared statement. “Magna5 is purpose-built to answer the demand from middle-market companies that need enterprise-grade cloud services and high-touch support that, unlike the mega providers, is budget friendly.”
Magna5 is part of NewSpring Holdings’ voice and data managed services platform portfolio. The company’s heritage involves three telecommunications providers: X5 Solutions in Seattle, Washington; CornerStone Telephone Company of Albany, New York; and NovaTel Ltd from San Antonio, Texas. Magna5 unified those three organizations into a single brand in 2016.
The NetServe365 deal will expand Magna5’s territory and add a disaster recovery solution to its portfolio. “The NetServe365 acquisition is a catalyst to Magna5’s transformative growth initiative and allows for Magna5 to layer in additional high-value products and services to our portfolio of offerings,” said Greg Forrest, CEO, Magna5 in a prepared statement.
It’s been a busy week for MSP-oriented mergers and acquisitions. Recent deals have involved: