Evergreen, a family of managed IT services and software companies, has announced its acquisition of i-Tech Support, a managed service provider and Acumatica resell partner. Financial terms of the deal were not disclosed.
This is technology M&A deal number 20 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
Evergreen, founded in 2017, is no stranger to M&A having successfully acquired 70 MSP and software companies in its lifetime. Headquartered in San Francisco, the PE firm has 80 employees listed on LinkedIn. The company says it is “committed to acquiring and holding businesses indefinitely and empowering management teams with a proven playbook for growth.”
i-Tech Support, founded in 1999, is based in Ocoee, Florida. The company has 57 employees listed on LinkedIn. i-Tech’s areas of expertise include network support, advanced technologies, managed IT services, collaboration, network backup, borderless networks, storage, data center, VoIP, telepresence, virtualization, video, cloud, cisco, information security, penetration testing, security audites, assessments, ERP, Acumatica, cloud ERP, and JAMF certified.
This acquisition is a strategic addition to Evergreen's ERP partner portfolio, Pine Services Group, with i-Tech slated to continue operating independently.
i-Tech Support works with private businesses, non-profits, and educational institutions in the region. This acquisition is expected to strengthen i-Tech’s financial standing and operational capabilities, promising improved service delivery to clients, the company said.
Perspectives on the Acquisition
Katie Maley, M&A lead for Pine Services Group, commented:
“i-Tech is a very exciting acquisition for Evergreen. Our team was extremely impressed by Dan [Stockman] and Mike [Augello] and the team they’ve built, and we couldn’t be more enthusiastic to be their partner in this next stage of growth.”
Mike Augello, i-Tech’s current CEO, said:
“As a business founder contemplating retirement, I was exploring options on how to retire while protecting the legacy of the business. Evergreen’s unique business model provides a permanent home for our business, seamless continuity for our valued customers, and continued growth opportunities for our team members.”
Daniel Stockman, i-Tech’s founder, added:
“This strategic partnership marks a significant milestone in our journey, and we are confident that it will propel us to new heights of success. The collaboration between i-Tech and Evergreen has been nothing short of extraordinary, reflecting a shared vision for growth and innovation while sharing our people-first core values."
Evergreen’s International Expansion
This is the latest in a long list of deals from Evergreen, which recently expanded outside of North America with a pair of acquisitions:
Lancom Technology, an Auckland, New Zealand-based MSP that also has a presence in Australia; and The Final Step, a London-based MSP.
The Final Step is a longtime successful MSP and its founder, Raja Pagadala, brought the HTG Peer Groups (now known as the IT Nation Evolve peer groups) to the UK.
Evergreen’s first international expansion deal was North of the border in Canada. The PE firm acquired of Starport Managed Services, a Toronto-based MSP in 2021. Starport had 31 employees at the time of acquisition, and now has between 51 and 200 employees, according to LinkedIn.
