TCG Network Services, a leading Boston-based managed IT and cybersecurity services provider, has been acquired by Magna5, a national provider of managed IT, cybersecurity and cloud-based services and a NewSpring Holdings platform company.
The transaction was facilitated by ITX, a global leader in smaller mid-market mergers and acquisitions focusing on IT Services businesses, MSSPs, MSPs, Microsoft, and Oracle channel partners. It marks the firm’s 25th transaction in the past 15 months.
“Our mission at Magna5 is to provide superior service for our customers by combining high-touch local service teams while leveraging the benefits of having access to a broader portfolio of capabilities,” said Robert Farina, CEO of Magna5. “We were immediately drawn to TCG’s impressive track record and the company’s customer-first approach to technology management, which aligns well with our core values and culture at Magna5.”
“We’re extremely proud of this new partnership. We have been thoroughly impressed by the process and look forward to supporting Magna5 and NewSpring Holdings in their rapid expansion,” said Frank McDonough, President and Co-Founder of TCG. “This move enhances our ability to offer best-of-breed technology services. That includes real-time cybersecurity protection, data backup and recovery, centralized network monitoring, cloud hosting, and 24/7 help desk support. Our customers will benefit by continuing to work with their regional Boston support team who now have access to larger market resources.”
“Magna5’s acquisition of TCG is poised to create significant value for both buyer and seller,” commented Matthew Putzulu, COO of ITX. “TCG’s existing clients will benefit from enhanced offerings and resources while Magna5 continues to grow its capabilities and reach.”
Founded in 1998 by technology CEOs and M&A professionals, IT ExchangeNet (ITX) was acquired by martinwolf in January of 2021. The deal creates a globally recognized provider of M&A advisory services for transactions spanning $5 to 500 million, with both companies each having more than 20 years of experience in the IT mid-market space.
IT ExchangeNet owns a network of more than 50,000 global IT decision-makers. Focusing on smaller companies that are historically ignored by large investment banks and M&A advisors, ITX leverages industry knowledge and relationships to work with companies that are ready to be sold, and buyers that are ready to buy. Specific segments of the IT industry served include: Managed IT Services, MSSPs, software as a Service (SaaS), Hosting, Infrastructure as a Service (IaaS), Cyber Security, IT Services, Software Development, and Big Data.
Source : https://www.newswire.com/news/itx-facilitates-tcg-network-services-acquisition-by-magna5-21648357
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