Private equity-backed IT advisory firm Upstack has acquired Cloudnexion, a global technology and telecommunications consulting firm. Terms of the transaction were not disclosed.
This is technology M&A deal number 246 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
The deal is Upstack’s first since receiving a $50 million equity investment from Berkshire Partners. The company says it plans to make more acquisitions as part of its growth strategy.
As part of the deal, Cloudnexion CEO and founder Jake Cummins will join Upstack as a partner and equity stakeholder. He will serve as an advisor to business customers that are sourcing cloud, data center, network connectivity and unified communications through the Upstack platform, the company said.
Upstack Acquires Cloudnexion: Scale and Grow
Christopher Trapp, CEO of Upstack, commented:
"We are thrilled to welcome Jake and the Cloudnexion team to the Upstack family. Jake has built one of the top-producing technology consulting firms in the industry over the past eight years. We're excited to see how we can scale and grow the business together as part of the Upstack platform."
Jake Cummins, CEO and founder, Cloudnexion, added:
"I explored all other options for taking my business to the next level. In fact, I was very far down the road on a merger plan when I ran into Upstack. The Upstack proposition really hit on all cylinders in terms of what the company is looking to do to transform the channel by creating the leading advisory platform in the industry."
About Upstack
Originally known as a colocation marketplace, Upstack helps customers to “streamline and optimize the entire IT procurement experience.” To be clear, Upstack does not position itself as a master agency or distributor. Rather, the company positions itself as a sales agency. With that positioning in mind, Upstack works with master agents and distributors to help customers select and activate a range of IT services — including colocation, network connectivity, SD-WAN, unified communications, cloud, mobile, IoT and business connectivity solutions.
Upstack’s platform allows business technology buyers and advisors to “design and compare cloud and internet infrastructure solutions. Its technology consists of a set of tools that automate many of the most time-consuming components of designing and sourcing IT solutions, saving its advisors and end-customers significant amounts of time relative to current modes of manual data extraction, input, comparison and presentation,” the company says.
