MSP Acquisition: TrueIT Buys Netrix IT of Fargo
TrueIT’ was attracted to Netrix’s specific expertise and attention to the education market, according to CEO Zac Paulson. “We are very excited to have the Fargo Netrix team join with TrueIT and serve the great clients of the Red River Valley and beyond,” said Paulson.
Red River Valley forms the border between Minnesota and North Dakota in the United States, and also extends to Manitoba, Canada. Key population centers include Moorhead, Minnesota, Fargo and Grand Forks, North Dakota, and Winnipeg, Manitoba, WikiPedia notes.
TrueIT already serves more than 800 small and midsize businesses (SMBs) around the United States. Acquiring the Netrix business in Fargo will allow the company to further scale its business application and consulting service expertise, delivering end-to-end services to customers. Financial terms of the deal were not disclosed.
Netrix IT’s owners, Patty Krieger and Mike Blom, called the news “bittersweet” after 20 years of business, but said they’re happy to see what they built continue.
“We are excited for the assured future of our clients and staff, and are confident in the expected success they will find with the team at TrueIT,” they said in a prepared statement.
Multiple MSP Acquisitions
This is TrueIT’s second Fargo-area acquisition in less than a year. In October 2017, the company acquired Summit Group Software, a Microsoft Dynamics partner. In that deal, both companies continued to operate under their own brands but worked together to “provide a seamless customer experience between organizations,” the companies said at the time.
M&A activity involving MSPs and the broader technology sector remains strong. Recent data shows that M&A activity was up in the first quarter of 2018 over the previous year and experts say the trend looks primed to continue.