The deal was facilitated by IT ExchangeNet, a Microsoft-focused channel mergers and acquisitions firm. RIB Software essentially succeeds private equity firm Advent-Morro Equity Partners, which exits Intech as part of the deal.
This is M&A deal Number 68 that ChannelE2E has covered in 2020. See the complete M&A deal list here.
RIB Software Invests In Intech: The Game Plan
Intech is an MSP that offers hybrid data center, cybersecurity, and Microsoft cloud platforms in Puerto Rico and the Caribbean. The company design and management expertise spans Microsoft Azure, Office 365 and cybersecurity services and solutions. Intech is projecting a "high growth rate in 2020" with a continuous positive EBTIDA, though specific revenue and profit figures were not disclosed.
RIB Software SE, headquartered in Stuttgart, Germany and Hong Kong, China, has more than 30 locations worldwide. The company provides cloud enterprise technology for the building, construction and real estate industries. RIB has a close working relationship with Microsoft. The two firms in 2018 unveiled MTWO – a vertical cloud platform for the construction and real estate industries.
To accelerate the international adoption of MTWO technology, RIB is building a global MSP network that will (A) leverage Microsoft’s partner communities and (B) attract 100,000 users by 2020 and up to 2 million users in the midterm, the company says.
RIB Software Invests In Intech: Executive Perspectives
Henry Gordillo, CEO, IntechDescribing the investment, Intech Founder and CEO Henry Gordillo said:
“RIB’s investment in Intech is an exciting next step in our journey towards advanced Managed Cloud Solutions and Services. Our staff has long-standing capabilities on IT solutions and services and have built leading expertise on Microsoft’s Cloud infrastructure and platforms within our region, which places us in unique opportunity to leverage the significant cloud growth and adoption acceleration we are seeing in the Americas. Our team will work closely with RIB Cloud’s headquarters (RIB Cloud/SaaSplaza) and run fully synchronized with offices in Amsterdam, Singapore, and San Diego to leverage the growing Cloud market and digital transformation needs of the Construction and Real Estate verticals in the U.S. and Latin America. Joining forces with RIB and its group of companies, as the leader in this industry, just makes sense for our clients, our staff and our shareholders. We are excited, together with RIB, to leverage this relationship in the cloud market and the construction industry through the distribution and support of MTWO technology on the Microsoft Cloud."
Added RIB Software CEO Tom Wolf:
“The RIB investment in Intech is another exciting development in our drive to build the largest vertical cloud MTWO over the Microsoft MSP network. I was impressed by Henry Gordillo’s growth path, cloud experience and entrepreneurial spirit. RIB will continue to implement its Cloud and GTM strategy during 2020-2021 and integrate MSP partners around the world. We are moving forward to provide the access of our iTWO technology to at least 80% of the global building and real estate market providing them a competitive edge. We believe that MTWO, the world’s first vertical cloud platform for the construction and real estate industries, is the right option for our target customers.”
Concluded Cyril Meduña, managing partner of Advent-Morro.
“We are very proud of having been part of the Intech family and to have been able to provide the required growth capital to help Intech’s management team position itself as the premier company in its industry in Puerto Rico. Intech is the classical example of how we back talented local entrepreneurs like Henry to build extraordinary companies. The current investment by a world renown company like RIB Software confirms this and is the natural transition to continue Intech’s growth and international expansion."
