MSP M&A: ICS Acquires Cards Technology
ICS, backed by private equity firm ClearLight Partners, has acquired Cards Technology. The deal expands New York-based ICS further south and establishes a presence in Ocean City, Maryland. Financial terms of the deal were not disclosed.
This is technology M&A deal number 696 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
ICS Buys Cards Technology: MSP Business Backgrounds
Cards Technology, founded in 2000 by CEO Sam Card, has 12 employees listed on LinkedIn. The company offers managed IT and cybersecurity services, hardware and software procurement, cloud solutions, and additional areas
of expertise involving telephone systems and security cameras.
ICS, founded in 1986, has 138 employees listed LinkedIn. The MSP, based in Endicott, New York, has grown both organically and through multiple acquisitions. ClearLight Partners invested in the MSP in May 2020. FOCUS Investment Banking, a frequent financial advisor to MSPs, assisted ICS with that process with ClearLight.
The Cards Technology deal surfaces one week after Build IT Live 2022, an MSP conference hosted by IT By Design. At that conference, ICS CEO Kevin Blake expressed continued optimism about the overall MSP market, as well as M&A activity within the sector.
MSP M&A Deal: Executive Perspectives
In a prepared statement about the Cards Technology deal, ICS CEO Kevin Blake said:
“We are thrilled to partner with Sam and the excellent team at Cards. They share our values and we are excited to grow the ICS Family. ICS’ mission is to make a difference in our employees’ lives, our customers’ businesses, and the communities we serve. We are looking forward to growing in the Mid-Atlantic.”
Added Cards Technology CEO Sam Card:
“The ICS team are true professionals and the resources they bring to the table will allow us to expand the high quality services we are known for providing to our clients. I’m excited for the next chapter of our story,” said Sam Card.
Concluded Kyle Burke, a partner at ClearLight:
“Kevin Blake and the ICS team have been outstanding partners. We see continued secular tailwinds for the IT managed services space, and believe Cards is an excellent complement to the ICS business.”
Disclosure: ICS CEO Kevin Blake and ChannelE2E Editorial Director Joe Panettieri are members of Channel Angels, a network of angel investors focused on the SMB sector. Panettieri has no financial interest in ICS.