Thrive Acquires New York MSP Precision IT for Financial Services Push
Thrive (aka Thrive Networks) has acquired Precision IT, a managed services provider (MSP) in New York City that has financial services expertise. The combined company has nearly 200 employees, Thrive indicated. Financial terms were not disclosed.
This is an important step for Thrive, which has had multiple owners over the past decade. Indeed Thrive’s business bounced from Staples (2007) to MetTel (2014) to M/C Partners ownership in late 2016. The recent M/C deal apparently shifted Thrive to a growth-minded owner.
Instead of squeezing thrive to maximize profits, it looks like M/C is investing in the business — including today’s Precision IT buyout. Indeed, M/C Partners remains “extremely bullish on the managed services industry,” noted Managing Partner Gillis Cashman, who also is chairman of Thrive.
Precision IT’s service portfolio looks familiar to MSP industry veterans. It includes a consultative approach to the provision of managed services, cloud hosting, backup, disaster recovery solutions, project management, asset management and procurement services, Precision IT says. Key differentiators likely include the company’s physical location along with its attractive financial services customer base.
Thrive CEO Rob Stephenson, in a prepared statement, says the combined company also has cybersecurity, public and private cloud expertise. Precision IT CEO Marc Pantoni will join Thrive as chief strategy officer, a board director and the managing partner for New York operations.