CompassMSP continues its managed IT services provider (MSP) acquisition spree. The latest deal, number three of 2019, involves GreenPoint Business Solutions. Financial terms were not disclosed.
GreenPoint is an IT services firm from Princeton, New Jersey. The company has provided IT support for small and medium sized businesses since 2008. The acquisition is part of CompassMSP’s mission to make enterprise-level IT services accessible to SMBs, the company said.
Tom Praschak, CEO of CompassMSP, commented on the deal:
“We are delighted to welcome GreenPoint to the CompassMSP family as they will further enhance our ability to serve as our clients’ local IT Business Partner in the tri-state market. This transaction is the next step in our strategy to build a premier national provider of managed IT services, including on-premise, private cloud and public cloud services, to add value to small and medium businesses (“SMBs”) with features and pricing appropriate for SMBs but with enterprise quality.”
Ed Galli, CEO of GreenPoint, also commented:
“Joining forces with CompassMSP will not only equip us to better serve our clients, but it’s also an amazing opportunity for our team to further develop their skills and inevitably provide added value to them.”
While the company doesn't traditionally disclose how many employees it has, ChannelE2E has confirmed that all of GreenPoint's workers will join CompassMSP.
CompassMSP’s Expansion Plans
CompassMSP has quietly been expanding into various regions of the United States. As recently as March 2019, the company was buying out companies in the Florida area with the purchase of Miami-based Dynamic Media Technologies, dba IT Support Miami (ITSM).
This latest acquisition appears to be a continuation of CompassMSP’s push into the Northeastern US. Previously, the firm purchased TS Tech Enterprises.
The company has talked openly about pursuing its “targeted acquisition strategy” of strong vertical market MSPs in the SMB sector. However, it remains unclear how CompassMSP is funding these deals, nor has the firm disclosed whether it has any private equity backing.