Brightworks IT, backed by private equity firm Cloud Equity Group (CEG), has acquired IS Concepts, a managed IT services provider (MSP) in California. Financial terms of the deal were not disclosed.
This is technology M&A deal number 915 that ChannelE2E has covered so far in 2022.
Private Equity Plans Nationwide MSP Ecosystem
Brightworks IT is a network of MSPs that share resources, best practices and expertise. The ecosystem includes:
- Integrated Enterprise Solutions of Poughkeepsie, New York.
- Data Network Services of Richmond, Virginia.
- Information Systems Division of Oneonta, New York.
- Datacomm Specialists of Cincinnati, New York.
The latest addition to the ecosystem, IS Concepts, is based in West Covina, California.
In a prepared statement about the deal, Cloud Equity Group Managing Partner Sean Frank said:
"The acquisition of IS Concepts continues Cloud Equity Group's strategy of consolidating the fragmented IT services industry. IS Concepts adding a new geographical footprint to Brightworks IT's already strong team and will allow the company to further support its customers in their IT initiatives."
Added Lawrence Robledo, CEO of IS Concepts:
"We here at IS Concepts are very excited to be working with the team at Cloud Equity Group. In the short time that we have been working with the team, we have been very impressed with their attention to detail and their vast knowledge of providing managed services."
Concluded Damen Seminero, COO of Brightworks IT:
"We are excited to welcome IS Concepts' team and customers to Brightworks IT. The combination of our companies and pooled resources will propel us into the forefront of being a top-tier national managed service provider with first-class managed IT services."
Cloud Equity Group's First Exit
Cloud Equity Group, founded in 2013, is an asset management firm that invests in lower-middle market growth technology companies.
Cloud Equity Group in October 2022 also completed its first exit -- selling hosting provider VPS Network Group to Homepage Universe Inc
