Thrive, backed by private equity firm Court Square Capital Partners, has acquired S7 Technology Group, a managed IT services provider (MSP) that supports financial services and private equity customers. Financial terms of the deal were not disclosed.
This is technology M&A deal number 470 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
The buyer in this deal, Thrive, promotes MSP, cybersecurity and hybrid cloud offerings built atop ServiceNow. By contrast, S7 Technology Group, headquartered in Midtown Manhattan, is an SSAE 18- audited firm that has Microsoft Azure cloud partner status.
Thrive Acquires S7 Technology Group: Executive Perspectives
In a prepared statement about the deal, Thrive CEO Rob Stephenson said:
“Adding S7 and their talented management team to the Thrive family signals our continued commitment to enhance our financial services practice, particularly in New York. Thrive’s Cyber Security and advanced Microsoft Digital Transformation solutions, designed for financial customers, reinforce our mission to support the strategic technology needs of Private Equity firms with a unique blend of managed services, portfolio engagement services, and consulting to ensure security, compliance and performance.”
Added Scot Guido, CEO of S7 Technology Group:
“For more than a decade, S7 Technology Group has enabled financial businesses to leverage the performance, security, and scalability previously only afforded to large enterprises and we’re thrilled to be joining the Thrive team. We’re incredibly impressed by the level of automation and operational efficiencies of Thrive’s ServiceNow platform and the enhanced Cyber Security capabilities of their 24×7 Security Operations Center (SOC). Our clients will benefit greatly from our new partnership with Thrive.”
Guido along with S7 CTO Michael Bilenkis and COO Fred Bruno shift to senior leadership Thrive roles in New York. M&A activity involving financial services-focused MSPs and IT consulting firms has been particularly strong. Stay tuned for a list of such deals soon.