Coretelligent, a mid-market MSP backed by private equity firm Norwest Equity Partners (NEP), has acquired technology services and solutions provider Lighthouse Technology Partners. FOCUS Investment Banking, a national middle market investment banking firm, served as catalyst for the deal with Coretelligent, and exclusive financial advisor to Lighthouse Technology Partners. Financial terms of the deal were not disclosed.
This is technology M&A deal number 504 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Lighthouse Technology Partners of Greenwich, Connecticut, offers managed IT, cybersecurity, business transformation, and cloud services.The MSP's clientele spans finance, life sciences and healthcare, and professional services sectors. The Lighthouse leadership team will join Coretelligent’s team in "expanded leadership roles," though specific executive moves were not disclosed.
Coretelligent, founded in 2006, has 194 employees listed on LinkedIn. The company is based in Westwood, Massachusetts, with additional= offices in New York City, Philadelphia, Atlanta, Stamford, Scarborough, and the San Francisco Bay area, and expanded support locations in Dallas, Los Angeles, Philadelphia, Tampa, Washington, DC, and West Palm Beach.
Mid-Market MSP M&A Deal: Executive Perspectives
In a prepared statement about the deal, Coretelligent CEO Kevin J. Routhier said:
“Coretelligent is incredibly excited to welcome the exceptional caliber of professionals on the Lighthouse team along with their world-class clientele. Lighthouse and Coretelligent are in complete alignment with regard to prioritizing both the client and employee experience. Bringing the firms together further enhances Coretelligent’s industry-leading domain expertise in the practice areas of digital and business transformation, security, compliance, and next-generation managed services.”
Added David Gerstenmaier, VP of Lighthouse Technology Partners:
“Joining the Coretelligent family is an incredible opportunity for the Lighthouse ecosystem. With their overall business focuses closely aligned with our own, we’re confident that joining Coretelligent will be beneficial and productive for our clients and employees. Hands down, this acquisition ensures we are better positioned for future success. For both our clients and employees, it was clear that this amazing combination creates the rare opportunity of 1 +1 = 5.”
Coretelligent: Early MSP Acquisitions
This is Coretelligent's second acquisition of 2022. Additional acquisitions span:
- April 2022: Microsoft partner Chateaux.
- November 2020: Soundshore Technology Group in November 2020;
- November 2019: SoundView IT Solutions in November 2019; and
- April 2019: United Technology Group in April 2019. (Note: FOCUS Investment Banking also served as exclusive financial advisor to United Technology Group (UTG) on the Coretelligent deal.
Private equity firm Norwest Equity Partners (NEP) has owned Coretelligent since October 2021.