Credit union analytics and talent solutions provider Trellance has acquired credit union IT solutions provider Ongoing Operations. Financial terms of the deal were not disclosed.
This is technology M&A deal number 1,031 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.
Trellance Acquires Ongoing Operations
Trellance, founded in 1989, is based in Tampa, Florida. The company has 221 employees listed on LinkedIn. Trellance’s areas of expertise include consulting, financial services, credit unions and data analytics.
Ongoing Operations is based in Hagerstown, Maryland. The company has 32 employees listed on LinkedIn. Ongoing Operations' areas of expertise include business continuity, disaster recovery and co-location services. While Ongoing Operations was originally founded to serve credit unions, its solutions also extend to small and medium-sized businesses in any industry.
Ongoing Operations’ IT capabilities will continue to operate under the Trellance brand. The deal will expand the combined companies' reach and allow them to service a wider customer base, the companies said.
Steve Bone, president and CEO, Ongoing Operations
Tom Davis, president and CEO of Trellance, said of the acquisition:
“Ongoing Operations shares our dedication to the credit union industry and we’re glad to welcome the team into Trellance. Together we will provide best-in-class technology services that enable credit unions to keep pace with banks and fintechs. This acquisition continues our path of rapid growth and innovation to more fully meet the industry’s needs.”
Steve Bone, Ongoing Operations president and CEO, said:
“Ongoing Operations has been owned by credit unions from the very beginning. Trellance understands the credit union mission and has a solutions portfolio that complements our own. By joining the Trellance team, we have access to an even greater network of resources with which to support our customers.”
Credit Union and Financial Services M&A
Many IT MSP mergers and acquisitions (M&A) take place between providers in vertical markets. Among the most popular M&A areas of focus: MSPs that support financial services sector customers — such as community banks, credit unions, Wall Street firms, and/or private equity firms. M&A activity in the sector remains steady; a few of the latest deals ChannelE2E has tracked include: Nutmeg State Financial Credit Union acquiring DaLand Solutions, which provides IT services & professional services to credit unions across the United States. Thoma Bravo made an investment into SMA, which develops OpCon, an Enterprise Workload Automation platform for financial services firms, banks, insurers, credit unions and retailers. Last year, Evergreen Services Group acquired Bradford-Scott Data Corp., an MSP focused on credit unions and invested in related software firm Sharetec.
