Private Equity Firms Invest In InterVision Systems
InterVision Systems a technology integrator founded in 1993, has received private equity funding from Huron Capital Partners and RLG Capital. Although a specific dollar figure was not disclosed, the investment will help InterVision to fuel growth, the company said.
InterVision is now co-owned by the executive team, Huron and RLG — though ownership percentages for each party were not disclosed. “These are the right partners to help us become bigger and better than ever before,” wrote InterVision CEO Whitney Tomlin in a blog. “As a result of this transaction, our current InterVision executive team has taken new meaningful ownership positions in InterVision.”
The overall theme from Tomlin to customers was ‘business as usual,’ with more money available for engineering and customer-centric services. The company remains headquartered in Santa Clara, Calif. — with no changes to its management team. Likewise, customers can expect to interact with their established sales and engineering contacts, Tomlin wrote.
InterVision is a sizable IT solution provider. Annual revenues reached $150 million in 2012, up from $100 million in 2010, according to an InterVision company timeline. More recent revenues were not disclosed on the timeline. Most of InterVision’s key partners are in the networking sector. Tomlin himself is a veteran of 3Par, Cisco Systems, HP and NetApp, according to his LinkedIn profile.
Private Equity for VARs, MSPs, IT Service Providers
This is the latest in a growing list of private equity deals involving VARs, MSPs and IT service providers. A few examples:
- Great Hill Partners earlier this month acquired majority control of Evolve IP, a cloud services provider.
- Clearlake Capital Group in 2015 acquired Pomeroy and merging it with Tolt Solutions, an IT solutions provider focused on retailers.
- Court Square Capital Partners in 2015 acquiring AHEAD — a major IT solution provider based in Chicago.
- Sverica Capital Management in 2015 acquired Synoptek, a well-known managed services provider (MSP) that has offices in California, Colorado and Idaho. Synoptek CEO Tim Britt explained the company’s growth strategy in ChannelE2E Podcast 064.
- Apollo Global Management in 2014 acquired Presidio, a massive Cisco, EMC and VMware channel partner that has morphed to offer managed hybrid cloud services. Presidio, in turn, has made multiple acquisitions.
For day-to-day coverage of mergers, acquisitions and exits visit here.