Private Equity Firm Invests In Cloud IT Services Provider Achieve One
Achieve One, a fast-growing IT architecture and services organization, has received a fresh influx of cash.
The money comes from Canadian-based private equity firm Ardenton Capital Corporation and represents the first time the Richmond, Virginia-based company has received an investment since opening its doors in 2009.
Achieve One specializes in technology-based solutions integration and customization. The company works with a number of different Fortune 1000 customers across different verticals by offering support for mission-critical business applications. That includes cloud-based Infrastructure as a Service (IaaS) implementation, converged infrastructures, mobility, security, and disaster recovery.
Mike Thomas, the company’s CEO, says the investment will be used to drive the next phase of Achieve One’s growth. “We chose to partner with Ardenton due to the operational and strategic resources they can provide, along with their commitment to support Achieve One as we execute our growth plans,” he says.
Last year, Achieve One hit $72 million in revenue.
It wasn’t disclosed how much money was invested or how much equity Ardenton will obtain, but this is the firm’s 12 investment and first in the United States. The company works by acquiring controlling stakes in profitable, well-established, private businesses. It has offices in Canada, the US, and the UK.
Boxwood Partners, a boutique investment bank, advised on the transaction.