Fusion Agiletech Partners has acquired Quisitive, a Microsoft channel partner with Blockchain expertise. It's the first step in a long-term M&A plan that pursues multiple Microsoft IT consulting firm acquisitions and a potential IPO, the companies say.
Not by coincidence, Quisitive is a Microsoft channel partner -- offering Blockchain as a Service (BaaS), migration services, cloud platform development, and other services. The company plans to acquire Microsoft-focused IT services firms in other regions around North America, with a special look toward key vertical markets including financial services, oil and gas, and manufacturing industries, the consultancy said.
Fusion Agiletech will oversee Quisitive’s Microsoft-aligned IT services and product development strategies. The Toronto-based firm intends to go public in Canada sometime this year. Quisitive’s CEO and President, Mike Reinhart, will serve as CEO of Fusion Agiletech while remaining President of Quisitive, which will continue operating from Dallas, Texas with additional offices in Denver, Colorado.
“We see rapid growth potential in Quisitive’s unique breed of IT services and are excited to be part of the journey, especially as more companies recognize the value of blockchain technology,” said Shane Maine, co-founder of Fusion Agiletech Partners.
Blockchain is still a relatively young technology but more IT firms are beginning to offer it as an as-a-service model, decreasing the risk and cost of deploying the tech in-house.
Essentially, data stored using blockchain technology exists as a shared database, not stored in any one location and hosted by millions of computers simultaneously.
The roots of Blockchain can be traced back to bitcoin. It was first conceived of in 2008 and rolled out the following year to serve as a public ledger for all transactions using the cryptocurrency. This made bitcoin the first digital currency to solve the issue of double spending without using a central server or authority. Now, vendors and other companies are trying to figure out the best way to repurpose the distributed ledger technology to cut down on administration costs and save time.
Microsoft is part of the Blockchain trend, offering BaaS through its Azure cloud platform since 2015. Plenty of rivals also alternative services.