Coretelligent, an MSP backed by private equity firm VSS, has acquired managed IT services provider SoundView IT Solutions. Financial terms of the buyout were not disclosed.
SoundView, founded in 2009, focuses on hedge fudges and family offices throughout New York, New Jersey and Connecticut. SoundView’s Managing Partners Bill McGee, Gary Logvin and Kelly Moore have joined Coretelligent’s executive team. Coretelligent's headcount climbs to 150 employees.
Coretelligent Acquires SoundView: Executive Perspectives
Describing the deal, Coretelligent President and CEO Kevin J. Routhier, said:
“We are thrilled to have SoundView join the Coretelligent family. Both SoundView and Coretelligent bring deep expertise and a commitment to delivering a white glove IT experience through outstanding service. Together, our unrivaled suite of support, cloud and security solutions provide a robust platform to help companies navigate all areas of technology and compliance.”
Bill McGee, managing partner, SoundView, added:
“Our acquisition through Coretelligent ensures each of our clients better positioning for future success through enhanced platforms and technology offerings.”
MSP Mergers and Acquisitions
This is Coretelligent's second acquisition of 2019. The MSP acquired United Technology Group (UTG) of Duluth, Georgia, in April.
VSS has backed Coretelligent since 2016. The private equity firm typically invests in lower-middle market companies -- including IT businesses.
M&A activity in the financial services vertical has been steady for MSPs. Noteworthy deals include:
- July 2019: Thrive acquired Tier1Net. Thrive is backed by M/C Partners.
- February 2019: Abacus Group acquired Proactive Technologies. Abacus is backed by WestView Capital Partners, a Boston-based private equity firm.
- June 2018: H.I.G. Capital invested in Eze Castle in June 2018. At the time, Eze Castle claimed to have more than 650 alternative investment and financial sector customers around the world.
