PE-Backed Magna5 Acquires Cloud Hosting Company SpinnerTech
This is technology M&A deal number 328 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Magna5 Acquires SpinnerTech
Magna5 is backed by NewSpring Holdings, a private equity firm with more than $2 billion in managed funds.
Magna5 itself was formed in 2016 through the merger of three companies: X5 Solutions in Seattle, Washington; CornerStone Telephone Company of Albany, New York; and NovaTel Ltd from San Antonio, Texas. The company is currently headquartered in Frisco, Texas.
Magna5 is no stranger to acquisitions. It bought Pittsburgh, Pennsylvania-based MSP NetServe365 in 2017.
Magna5 Acquires SpinnerTech: Executive Insight
Robert Farina, CEO of Magna5, commented:
“Since founding SpinnerTech in 2008, Adam Spinner has done a tremendous job building an organization with a strong reputation for customer service and delivering innovative and effective IT solutions to companies in the New York metropolitan area. We are thrilled that Adam and his organization will be joining our team. Adam will take on a pivotal role for us as the Executive Director of the New York Metro region as we look to expand our presence in this highly attractive market.”
Adam Spinner, founder and CEO of SpinnerTech, said:
“We are excited and proud to join forces with Magna5 to bring their innovative and industry-leading solutions to the New York Metro area. The two companies share a philosophy of empowering businesses through the delivery of state-of-the-art technology solutions and world class support. We look forward to continuing our growth under their stewardship.”