PE-Backed Trace3 Acquires IT Services Company Groupware Technology
This is M&A deal number 465 that ChannelE2E has tracked so far in 2020. See the complete M&A deal list here.
Groupware is an IT services firm from Campbell, California. The deal expands Trace3’s market position in northern California and Arizona, according to the company. It also adds sophisticated cloud-focused technology and support capabilities to Trace3’s offerings, the company said.
Trace3 Acquires IT Services Company Groupware Technology
Groupware works with several Fortune 500 companies. The newly combined company will operate as a technology solutions provider in cloud, data intelligence, security, and overall enterprise IT, Trace3 said.
The Groupware leadership team will continue to oversee the business locally in the Northern California region, the company said.
Trace3 Acquires Groupware: Heading North
Rich Fennessy, CEO of Trace3, commented:
“Groupware has a very like-minded focus of putting clients first. Both organizations strongly believe that our product is our people and have invested heavily in elite engineering teams. Now, together, we will offer clients in Silicon Valley and the greater northern California region the absolute best technical consulting and services capabilities available.”
Kevin Van Culin, Managing Director with H.I.G. Capital, said:
“We have been looking for a strategic partner for Trace3 with roots in Silicon Valley for some time. The opportunity with Groupware presents a number of synergies in terms of geographic coverage and solution sets. We are thrilled with the prospects of this new partnership.”
Mike Thompson, CEO of Groupware, added:
“Groupware is excited to join Trace3 and deliver even greater value to the California and western markets. We intend to leverage our combined engineering, sales, and management teams to develop additional service offerings, create new opportunities for our employees, and improve our standing within the partner ecosystem.”