This is M&A deal number 105 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
On a related note, Evergreen made a minority investment in Sharetec Systems, a software package that’s popular within U.S. credit unions. Bradford-Scott sells and supports Sharetec, one of the most widely used core processing software packages for credit unions in the United States.
Evergreen, backed by Alpine Investors, is made up of a group of managed IT services providers. The group has made a number of investments in recent years. Earlier deals involved Wolf Consulting, Executech, Jenlor, Interlaced and Integritek among others. The deals typically allow MSPs to maintain their existing leadership teams and continue running their businesses independently. Evergreen’s additional financial muscle typically assists with talent, technology and other types of investments. This deal marks Evergreen’s 26th acquisition since it was founded in late 2017.
As part of this most recent acquisition, Steffi Decker becomes CEO of Bradford-Scott Data Corp. Decker is a longtime senior partner at Chong + Koster, a Washington, D.C. digital marketing agency, the company said. Current CEO Scott Elliott will help with the transition and remain as a consultant afterward. Kevin Kolar, co-founder, and longtime president of Bradford-Scott, will continue as president and director of sales.
Evergreen Acquires Bradford-Scott: Executive Insight
Jeff Totten, CEO, Evergreen, commented on the deal:
“Over the past 37 years, the Bradford-Scott team has built an impressive and enduring business by serving as the operating backbone and digital platform for credit unions. We are thrilled that Bradford-Scott chose Evergreen as its permanent home and are committed to being the best possible partner to the company’s employees, customers, and partners.”
Kevin Kolar, co-founder and president, Bradford-Scott, said:
“Since the acquisition, Evergreen has proven to be a great partner and has demonstrated its commitment to our long-term vision of providing best in class products and service to our customers and creating the highest quality work environment for our employees.”
Scott Elliott, outgoing CEO, Bradford-Scott, added:
“Growing Bradford-Scott into the business it is today has been the thrill and honor of a lifetime. I know with Evergeen’s ownership and Steffi and Kevin’s leadership, the future of Bradford-Scott couldn’t be brighter.”
Ramsey Sahyoun, head of M&A, Evergreen, concluded:
“Bradford-Scott was one of the highest-quality businesses we’ve come across since starting Evergreen three years ago. We’re very excited about finding more ways to support our credit union customers and are looking at other investment opportunities across the credit union software and service landscape.”
Evergreen Acquires Bradford-Scott: Sharetec Synergy
Evergreen’s investment in Bradford-Scott, which was founded in 1994, was initiated thanks to the company’s history of providing the Sharetec platform, the firm said. The company bolsters its Sharetec offering with custom proprietary modules and programs.
The investment will allow Bradford-Scott to further develop its software solution, expand its customer base and invest in its support function to improve its customer experience, the firm said.
As part of the transaction, Evergreen says it also acquired Bradford-Scott’s medical division, which supports independent practices and providers with software solutions to manage and grow their practices.