Canadian technological transformation company ITI has acquired Zycom Technology, an IT infrastructure and managed services company headquartered in Toronto, Ontario. Financial terms of the deal were not disclosed.
This is technology M&A deal number 163 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals for 2022, 2021 and 2020 listed here.
Founded in 1998, Zycom has additional offices in Kingston and Ottawa. The company works with a variety of industries including education, healthcare and manufacturing.
ITI is headquartered in Quebec with offices in Quebec City, Montreal, Toronto, Kingston and Ottawa. The company has 400 employees and 1,500 active customers in various sectors. This acquisition will allow ITI to accelerate its growth across Canada, according to the company.
ITI Acquires Zycom: A “Springboard” to Growth
Jonathan Legault, president, ITI, commented:
"Our ambition to be a leader in technological transformation pushes us to always seek opportunities to expand the breadth and depth of our expertise and capacity. Welcoming Zycom within our ranks means that we can now rely on additional senior IT experts sharing the same drive to have an impact on Canadian businesses. With their homebase in Ontario, the largest IT market nationally, Zycom also provides us with a springboard to accelerate our growth in Canada, a significant advantage in a rapidly consolidating market."
Tim Allen, president, Zycom, added:
"We are very proud that Zycom joining forces with ITI will contribute to creating a new yet reputable Canadian IT leader. We built Zycom from scratch over more than 20 years, and it was crucial for us to find the right partner to bring it to the next phase of growth. In Jonathan Legault and his leadership team, we have found peers and trusted partners. In addition to being a strong player in the industry, ITI has the same vision of becoming the most respected IT player in Canada for its expertise in technological transformation. We are confident that they have all it takes to assure Zycom's success in the future."
Mike Lucas, VP operations, Zycom, said:
"What we didn't want was for Zycom to be absorbed by a large company with rigid processes that slow down progress and innovation. ITI shares the same start-up energy that we have at Zycom, doubled with the structure needed for more extensive growth. They are able to remain agile in their decision making, which is remarkable for a business of that size."
