TELUS has acquired Fully Managed, a mid-market MSP that specializes in ServiceNow managed services as well as IT services for senior care organizations in the health care sector. Financial terms of the deal were not disclosed.
This is technology M&A deal number 174 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals for 2022, 2021, and 2020 listed here.
Fully Managed: MSP Business Background
Fully Managed had private equity backing, and also received $25 million in financing from Comerica Bank and BDC Capital in 2020. The MSP focuses on three lines of business, which are:
- Digital Business: managed IT and security for small and medium-sized businesses;
- Digital Enterprise: Elite ServiceNow practice for IT, customer, and employee workflow automation; and
- Digital Health: IT solutions for Senior Care communities.
As of early 2021, Fully Managed had 415 employees and 3,000 customers across North America, the company said at the time. The MSP has grown both organically and through acquisitions. Earlier deals include acquiring:
- Quartet Services
- Wappo Information Services;
- Kedsey Consulting;
- Lime Collar Group;
- TWT Group; and
- a 2018 merger with CareWorx.
Fully Managed has private equity backing, and also received $25 million in financing from Comerica Bank and BDC Capital in 2020. The MSP continues to focus on three lines of business, which are:
- Digital Business: managed IT and security for small and medium-sized businesses;
- Digital Enterprise: Elite ServiceNow practice for IT, customer, and employee workflow automation; and
- Digital Health: IT solutions for Senior Care communities.
Fully Managed CEO Mark Scott on Company Sale
In a blog about the company sale to TELUS, Fully Managed CEO Mark Scott wrote:
"I am pleased to announce that FM has been acquired by TELUS and is now part of the TELUS Business Solutions family, which is an exciting opportunity for FM to continue our vision of becoming the #1 Managed Service Provider (MSP) in North America and to provide our customers with the level of service and expertise they need and deserve.
The managed services market has exploded over the past few years, particularly with the acceleration to a digital-first work world brought on by the pandemic. We believe as a modern MSP focused on enhanced customer experience, unparalleled expertise, and strong partnerships and platforms with innovators such as ServiceNow, we have the ability to continue to grow the business.
Importantly, being part of TELUS provides us - and our valued customers - with combined access to a vast range of resources, world-leading products, networks and both leadership talent and technical expertise to better service our customers and lead in the digital decade ahead. Social purpose is at the heart of everything TELUS does and their customer-first philosophy is the perfect cultural fit for our 425 team members at FM!"
Scott went on to thank the Fully Managed team, and vowed to deliver "more exciting news from Fully Managed, powered by TELUS Business Solutions in the coming year."
Fully Managed: MSP Experts Back the Business
Scott and many members of the Fully Managed team are MSP industry veterans. Scott previously was CEO of N-able during the early days of the MSP-SMB software market. IT Glue founder Chris Day sold his MSP to Fully Managed and had a stake in the business. Chief Revenue Officer Marco La Vecchia previously held key posts at AVG and N-able. And Joel Abramson helped to pioneer the Fully Managed business.
The deal caught the attention of peers who still work at N-able. Noted Mike Cullen, group VP for partner enablement at N-able:
{A huge shout out to Mark Scott and the Fully Managed team on their successful acquisition by TELUS. We’re excited to see another partner of ours reach this level of accomplishment. We know they’ll continue to prove out the success of their business model. Also, as a company based in Ottawa, where N-able has a large presence, we’re thrilled to see continued growth in this region. Well done Mark and team!"
