Upstack Acquires Network and Cloud Sourcing Business From LinkSource Technologies
Communications and digital infrastructure company Upstack, backed by private equity firm Berkshire Partners, has acquired the network and cloud sourcing business of LinkSource Technologies for an undisclosed sum.
At the same time, Upstack has formed a strategic partnership with LinkSource’s technology hardware sourcing business.
This is technology M&A deal number 65 that ChannelE2E has covered so far in 2023. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Upstack, founded in 2017, is based in New York, New York. The company has 103 employees listed on LinkedIn. Upstack’s areas of expertise include colocation, network, private cloud, public cloud, hybrid cloud, hybrid IT, data center, unified communications, cloud contact center, security and business continuity.
LinkSource Technologies, founded in 1998, is based in Roseville, California. The company has 21 employees listed on LinkedIn. LinkSource’s areas of expertise include telecom audit, optimization & inventory, procurement management, RFP request, telecom expense management, contract negotiation, cybersecurity, project management, managed services, cybersecurity managed services, cybersecurity lifecycle management, cloud enablement, and software asset management.
LinkSource CEO and founder Curt Lewis and president Jason Newbold remain invested owners in LinkSource Technologies and will continue to grow the hardware sourcing business as LinkSource Systems, the company said.
LinkSource’s leaders Kelley Moore, vice president of client services & operations, and Frank Mastro, vice president of sales, and additional LinkSource team members will join Upstack, according to the company.
Upstack and LinkSource’s Relationship: Leadership Insight
Christopher Trapp, founder and CEO, Upstack, commented:
“Curt and Jason have built LinkSource into a unique and impactful technology management business that combines a traditional commissioned agency with a direct-billed managed services provider. The combination has earned loyal customers among some of the most well-known enterprise brands. We’re excited to bring those capabilities and customers under the UPSTACK umbrella.”
Jason Newbold, president, LinkSource Technologies, said:
“We’re excited about our partnership with Upstack, which has the wherewithal to help LinkSource Technologies in its next phase of growth. Upstack has the resources to serve the growing needs of our global customers as well as provide greater career opportunities for our employees.”
Curt Lewis, founder and CEO, LinkSource Technologies, added:
“We were approached by other investors, but it quickly became clear to us that Upstack was the best fit for our business and employees. It came down to the people they have on board, what they’re building and their business philosophy. It wasn’t just the dollar figure; we wanted a go-forward plan for growth and opportunity, and Upstack delivered.”
Kelley Moore, vice president of client services & operations, LinkSource Technologies, said:
“The LinkSource team is excited to join the Upstack family. With Upstack’s dedicated customer experience resources and extensive knowledge in the telecommunications, infrastructure and cloud space, we can better support our customers and their growing needs.”
Upstack’s M&A Growth
Building on an earlier equity investment from Berkshire Partners, Upstack recently secured $100 million in financing from MidCap Financial and Morgan Stanley Private Credit to further scale its platform through technology expansion and strategic partner investments.
This has led Upstack to be very active in the M&A game in recent years. LinkSource is Upstack’s 26th acquisition in the past two years. The acquisitions have primarily focused on telecommunications, networking and infrastructure companies. The deals that ChannelE2E has tracked include:
- October 2022: NPG Solutions LLC, an independent technology and communications solutions advisor.
- September 2022: Digital Planet Communications.
- September 2022: Full-service IT services provider Stellar Connect.
- August 2022: ChaseTek, which specializes in serving multi-location businesses in retail, health care, financial services and manufacturing industries.
- April 2022: Universal Telecommunications Inc. and its sister company Universal Solutions Providers.
- March 2022: Full-service telecommunications agency Meridian Network Services
- March 2022: Network consulting firm United Technology LLC
- February 2022: Telecommunications agency Subsidium Technologies and communications solutions and consulting provider DVP Technologies.
- January 2022: Technology consulting firm teXium.
- October 2021: Global Communications Networks (GCN).
- September 2021: Telecommunications consulting firm Legacy Solutions and Open Communications LLC, and an IT consulting firm.
- September 2021: Network and IT consulting firm idea! Communications Group and MOC4, a technology advisory firm.
- August 2021: CloudAdvise, a technology infrastructure advisory firm.
- July 2021: LanYap Networks, a strategic telecom and cloud solutions provider for medium and large businesses.
- July 2021: Consulting firm DataCenterAndColocation.com
- June 2021: Global technology infrastructure solutions firm Cloudwirx Inc
- May 2021: Telecommunications consulting firm M2 Enterprise Group
- April 2021: Global technology and telecommunications consulting firm Cloudnexion