NewSpring Capital-backed managed services provider Magna5 has acquired TCG Network Services (TCG), a managed IT and cybersecurity-based provider based in Boston, Massachusetts. The financial terms of the deal were not disclosed.
This is the technology M&A business number 231 covered by ChannelE2E so far in 2022. Check out more than 1,000 technology M&A businesses that include SMEs, MSSP & amp; IT service providers are listed here.
Magna5 Acquires TCG Network Services
Magna5 is a managed IT, cyber security and cloud services company and a NewSpring Holdings platform company based in Pittsburgh, Pennsylvania. On the same subject : Spending on Managed Services, Especially Security, To Inch Up in 2022. In addition to managed IT services, cyber security, and private and public cloud hosting, the company provides disaster backup and recovery to medium and business customers, including education, healthcare, government, financial services, manufacturing, and other verticals.
TCG was founded in 1987 and is headquartered in Boston, Massachusetts with an office in Natick, Massachusetts. The company offers managed IT services, cloud computing, cyber security, professional and strategic IT services to clients in the northeastern United States.
This acquisition further strengthens Magna5’s practice in cyber security, data recovery and cloud services in the lower middle market. This is the second acquisition of Magne5 in the last 12 months. Magna5 acquired New York-based SpinnerTech in May 2021 and is looking for additional acquisition opportunities to improve its capabilities and expand its reach, the company said.
Frank McDonough, President and Co-Founder of TCG To see also : Managed Application Services Market To See Incredible Growth During the Forecast Period – 2025.
Robert Farina, CEO of Magna5, commented on the news:
“Our mission at Magna5 is to provide superior service to our customers by bringing together local touch-sensitive service teams while reaping the benefits of access to a wider portfolio of capabilities. We were immediately attracted by TCG’s impressive experience and the company’s approach to technology management, which is first and foremost for customers, which fits well with our core values and culture at Magna5. “
Frank McDonough, President and Co-Founder of TCG, added:
“We are extremely proud of this new partnership. We were very enthusiastic about the process and look forward to supporting Magna5 and NewSpring Holdings in their rapid expansion. This move increases our ability to offer the best technological services. These include real-time cyber security protection, data backup and recovery, centralized network monitoring, cloud roaming, and 24-hour customer support. Our clients will benefit from continuing to work with their regional support team in Boston, which now has access to greater market resources.
About the Transaction
The transaction was made possible by ITX, a global leader in small mergers and acquisitions in the mid-market, focusing on companies with IT services, SMEs, SMEs, Microsoft and Oracle channel partners, according to a statement from Magna5. Robert W. Chmielinski was a legal advisor to TCG Network Services. This may interest you : Talent war to push CIOs toward consultancies, managed services in ’22. Blank Rome LLP has served as a consultant to Magni5.