Ingram Micro, backed by private equity firm Platinum Equity, has acquired Keenondots -- a Netherlands-based software provider that helps VARs and MSPs to automate their service delivery and invoicing processes. Financial terms of the deal were not disclosed.
This is technology M&A deal number 127 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals for 2022, 2021 and 2020 listed here.
Moreover, this is the first acquisition that Ingram has announced since the CEO position transitioned to Paul Bay from Alain Monié.
Ingram Acquires Keenondots: Synergies With CloudBlue
Synergies between Ingram and Keenondots should be immediate. Indeed, the Keenondots Cloud Automation Platform is based in Ingram's CloudBlue technology. Among the potential Keenondots benefits to partners:
- The platform, offered as a managed service, "enables partners to fully automate their service delivery and invoicing processes," Ingram asserted.
- Keenondots also "assists ISVs to enter the CloudBlue ecosystem by helping them with the development of a CloudBlue Connector." Keenondots is based in the Netherlands and is partner of CloudBlue. For more information visit www.keenondots.com.
The Keenondots team, including CEO Coen Korver and founder and CTO Laurens van Alphen, have joined CloudBlue.
MSPs and SaaS Billing Management, Reconciliation: Emerging Options
In some ways, it sounds like Keenondots competes with emerging, venture-backed MSP software automation platforms from CloudOlive, Gradient MSP and Zomenum. Note: We're not suggesting that all of the platforms compete head-on in all areas, but there could be some areas of overlap with each system and Ingram's Keenondots acquisition. For instance:
- CloudOlive, which develops a SaaS platform for MSPs to centrally manage and automatically reconcile any SaaS supplier invoice against client billings, raised a second round of funding in early 2022.
- Gradient MSP, a startup led by Passportal founder Colin Knox, offers automated billing reconciliation software for MSPs.
- Zomentum, which develops a sales automation platform for MSPs and technology companies, acquired Goolash to offer automated license management and billing reconciliation capabilities.
On somewhat related notes, ConnectWise continues to build out an online marketplace for MSPs; Datto is developing a commerce platform for MSPs; and Pax8 is expanding worldwide as a global online marketplace for MSPs. In some of the cases, the systems above strive to address SaaS billing and other invoice management features.
Ingram Acquires Keenondots: Executive Perspectives
In a prepared statement about the deal, Tarik Faouzi, senior vice president of CloudBlue at Ingram Micro, said:
“The addition of Keenondots furthers our commitment to developing new cloud ecosystems to help accelerate our customers’ digital transformation through automation and support of Everything-as-a-Service offerings. We welcome Keenondots to CloudBlue and look forward to continuing to empower our customers to build, manage and grow their cloud services businesses with greater speed and efficiency.”
“We have a longstanding and successful relationship with CloudBlue and we are excited to join their innovative and dynamic team. Joining forces will allow us to play an even stronger role in helping our mutual partners accelerate their path to success in the as-a-service economy.”
Concluded Platinum Equity Partner Jacob Kotzubei and Platinum Equity Managing Director Matthew Louie in a joint statement:
“Adding Keenondots’ technology and team to CloudBlue is another excellent example of Ingram Micro’s dedication to anticipating and meeting the needs of its partners through investment in the business, be it via acquisition or organic. Our team at Platinum is actively encouraging Paul Bay and his executive team to continue their agenda of aggressive growth in key strategic areas and we support their efforts to add the technology needed to achieve it. We look forward to helping Ingram Micro pursue more opportunities to help the company achieve its strategic objectives even faster.”
Ingram Micro: Improved Positioning for Acquisitions
Platinum Equity acquired Ingram Micro from Chinese conglomerate HNA Group in July 2021. The ownership transition improved growth prospects for Ingram, according to FitchRatings, a debt ratings service that took a close look at the Ingram business in September 2021.
Among the reason for optimism: Ingram, under Platinum's ownership, is free from “onerous provisions that often limited the company’s ability to invest in certain growth opportunities,” FitchRatings asserts.
Under Platinum Equity, the setting “should allow Ingram Micro to pursue acquisition targets and to capture previously missed growth opportunities, including domestic sales into sensitive product areas,” the ratings service said.
Translation: The Ingram team no longer has to navigate HNA Group-related question marks in the U.S. government market, and in IT markets worldwide. And more acquisitions are surely coming.