New Charter Technologies, backed by Palo Alto-based private equity firm Oval Partners, is partnering with Biz Technology Solutions Inc (BTS). Financial terms of the arrangement were not disclosed.
This is technology M&A deal number 78 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2022, 2021, and 2020 listed here.
New Charter Technologies, founded in 2018, is based in Denver, Colorado. The company has 31 employees listed on LinkedIn. New Charter Technologies’ areas of expertise include IT Support, Managed IT Services, IT Consulting, Cloud Computing, Cybersecurity, and IT Outsourcing.
BTS, founded in 2001, is based in Mooresville, North Carolina. The company has 51 employees listed on LinkedIn. BTS’s areas of expertise include IT Consulting, Virtualization, Managed IT Services, Mobility Management, Enterprise Storage, Software Development, Enterprise Networking, Business Intelligence and reporting, Cloud Computing, Disaster Recovery and Business Continuity, Skype for Business, Microsoft SharePoint, Microsoft PowerBI, Security, Microsoft Office365, and Microsoft Azure.
The partnership will allow BTS to better serve its customers, according to the company. BTS will also have more funds to invest in new technologies, access to the highest standard of compliance, the ability to hire talent quickly, and to scale, the company said.
Biz Technology Solutions will remain headquartered in Mooresville, and will continue to be led by the same leadership team, the company said.
New Charter Acquires Biz Technology Solutions: Partnership Insights
Mike Chouffani, president, Biz Technology Solutions, commented:
“We are technologists, and we want to focus on that. New Charter will be an extension of us that will bolster our business, while simultaneously allowing us to preserve our company culture and our brand. Bottom line, this partnership will help accelerate our growth and really allow us to better serve our clients across the nation.”
Mitch Morgan, CEO, New Charter Technologies, said:
“We are excited to join forces with Mike, Reda and the Biz Technology Solutions team,” said Morgan. “Biz Tech brings a broad set of capabilities to our platform. In addition to having a solid local managed services presence, the company has a variety of enhanced services capabilities that we will be able to take across our growing platform.”
About New Charter
Oval Partners and New Charter operate an equity partnership model. The acquired companies’ existing leadership stays on to run and expand the organizations.
New Charter has now acquired and/or invested in more than 10 MSPs since 2020 — including Strategic Solutions, Braver Technology, Olmec Systems, Greystone Technology, The Tech Group and Adnet. New Charter’s four founding MSPs, as announced in September 2020, were:
- ActiveCo Technology Management of Vancouver, British Columbia.
- Apex Technology Management of Redding, California.
- DCG Technical Solutions of Los Angeles, California.
- PennComp Outsourced IT of Houston, Texas.
Despite the many M&A deals, none of them fit into the traditional “sell and exit” strategy for the MSP owners, as ChannelE2E has reported. Instead, Oval Partners invests in the companies and helps them scale, keeping the previous owners on hand to run and expand the company using lessons gleaned from their other businesses.
