This is M&A deal 261 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
The acquisition will help Iconic expand throughout East Texas, specifically in the areas of Tyler, Addison, and Dallas Fort Worth. Woods had 16 employees pre-acquisition. Iconic IT had 166 workers before the deal and now has 183 employees, an Iconic IT spokesperson told ChannelE2E.
Wood Networks will continue to operate under its own name during the transition, the company said. Mark Blalack will continue in a leadership position as the general manager of Wood Networks.
Iconic IT Acquires Woods Networks: Executives React
Jeff Wood, founder and CEO of Wood Networks, commented:
“Mike and the team at Iconic IT are the perfect partner to ensure the continuation and preservation of that which is the very lifeblood of Wood Networks, its high level of service, responsiveness, and partnerships with our most valuable asset, our clients. A bold and innovative approach to conducting business and caring for clients is ingrained in the Iconic IT culture. It is this approach that instantly creates new and unique opportunities for our tremendous team members and empowers our tradition of driving business success for our clients. All of us are extremely excited about what is on horizon for our team members and clients alike.”
Iconic IT’s CEO Mike Fowler said:
“We are fortunate to have acquired Wood Networks, a company whose core values align perfectly with our own. They are dedicated to customer success and employee happiness, and we welcome them to the Iconic IT family.”
Iconic IT Business History
Iconic IT emerged after a four-way merger between Capstone IT, Choose Networks, Live Consulting, and Networking Results.
The MSP has since acquired Pixius Communications in May 2019 and PCX of Bonita Springs, Florida. All told, Iconic IT now represents eight formerly separate businesses.