Private equity, MSP

M&A: Six Evergreen Services MSPs Join Lyra Technology Group

Puzzle pieces on wooden table

Evergreen Services Group has unveiled Lyra Technology Group -- essentially a newly formed business that oversees six MSP investments in the Northeast and Midwest United States and Eastern Canada.

Lyra Technology Group will have a core staff focused on M&A (mergers and acquisitions), financial reporting, acquisition onboarding, and building community amongst member companies, CEO Elliott Hyman confirmed to ChannelE2E.

Lyra Technology: Member MSP Companies

Elliott Hyman, CEO, Wolf Consulting
Elliott Hyman, CEO, Lyra Technology Group

Lyra's six member MSP companies include Wolf Consulting, Tech-Keys, JENLOR Integrations, Beringer Technology Group, Xpert Technologies, and Starport Managed Services.

In a prepared statement about Lyra's formation, Hyman said:

“We are extremely excited to officially establish this group of industry leading MSPs as Lyra Technology Group. We believe that creating this unique holding company will give us the opportunity to foster even greater collaboration amongst our companies’ exceptional teams to produce even better outcomes for employees and clients.”

Hyman previously led Wolf Consulting after founder Lloyd Wolf retired from the business.

Evergreen Services Group Plans More MSP Investments, Acquisitions

Lyra's formation is part of a larger Evergreen Services Group strategy that organizes various MSP investments into regional businesses groups. In addition to Lyra, the MSP groupings include:

  • Executech in the Western United States and Canada; and
  • Netgain in the Midwestern and Southeastern United States.

Evergreen, backed by private equity firm Alpine Investors, has completed 43 investments in MSPs across North America since its founding in 2017. Extending beyond traditional MSPs in the SMB sector, Evergreen has also acquired MSPs focused on managed security services, managed SAP cloud applications, and financial services, among other areas of expertise.

It's a safe bet more acquisitions are coming. The evidence: Alpine Investors raised $2.25 billion in 2021, and a portion of that money is earmarked for more MSP investments and acquisitions by Evergreen, ChannelE2E confirmed at the time of the report.

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.