Evolve IP Acquires Cloud Services Provider for DaaS, More
Evolve IP has acquired Xtium Inc., a mid-Atlantic based cloud computing services provider (CSP) in King of Prussia, Pennsylvania, the two companies confirmed today. In a case of perfect timing, Evolve IP President Guy Fardone described some portions of the deal along with the company’s overall M&A strategy during ChannelE2E’s webcast today (now available on-demand).
The deal, according to Evolve IP, is a “strategic purchase” that reinforces the company’s ongoing growth strategy. Established in 2007, Xtium provides Disaster Recovery, Desktop as a Service (DaaS), managed cloud hosting and managed online backup.
Evolve IP has been an active buyer, snapping up eight MSPs, CSPs and network integrators since 2007. The company in May 2016 aligned with Great Hill Partners, a private equity firm in Boston, Mass. Great Hill invested money in the company and acquired majority control. Financial terms were not disclosed, but the deal includes a $100 million war chest for Evolve IP to make additional acquisitions.
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