Evergreen, the private equity firm that has a buy-and-hold strategy for MSPs and offers a permanent home for MSP businesses has acquired its eighth MSP in Australia, acquiring global consultancy CT Group.
Under the acquisition, CT Group, which provides expertise in research, intelligence, campaigns, and advisory services, will be managed by Evergreen’s MSP arm, Lyra Technology Group. Financial details were not disclosed.
FOCUS Investment Banking MSP specialist Abraham Garver has told ChannelE2E that after a period of relative calm, MSP merger and acquisition activity has taken off in the land down under during 2024.
That includes Evergreen which continues to expand its MSP network in Australia.
“We see Australia as a great market to expand Evergreen and Lyra Technology group because our model fits the tight-knit SMB culture of the country,” Craig Fulton, an M&A advisor at Evergreen, told ChannelE2E. “We present a new option for business owners, and we are excited to help them preserve their legacy, grow their teams, and meet their personal goals.”
CT Group has 36 employees, according to LinkedIn. When the acquisition is completed CT Group will work with Lyra Technology Group to focus on organic growth in their markets on day one, said Fulton. “Operating in a decentralized model means we can get focused on growth and not lose focus with integration work. CT Group’s culture, brand, team, and customers won't notice any changes.”
Fulton said the deal marks the first MSP acquisition for Evergreen in Western Australia, giving the company the opportunity to expand into a new part of the country. “The leadership at CT Group was ready for the next step in their journey and we were honored that they chose us,” said Fulton.
Evergreen's MSP Ownership Expands to More Than 90
The addition of CT Group spreads Evergreen’s MSP holdings and services across the major metro areas of Australia and New Zealand, added Fulton. The CT Group acquisition brings Evergreen’s MSP ownership to more than 90 operations worldwide, including in the U.S., Canada, and the U.K.
Evergreen is a private equity-backed holding company for businesses and Lyra Technology Group is its company that works directly with its 90-plus MSPs to focus on growth. Evergreen operates businesses in four industries, including managed IT services, application software partners, government IT services, and financial technology. The company has about 4,500 employees worldwide.
Evergreen continues to emerge in 2024 as a prominent player in the MSP sector, strategically acquiring MSPs for nearly seven years, according to earlier ChannelE2E reports. Evergreen says that its acquisition strategy is rooted in its commitment to providing a stable, permanent home for businesses.
In May of 2024, Evergreen acquired Microsoft partner Solution Systems, Inc., which will join Evergreen's ERP branch, Pine Services Group, to further scale Pine's position in the Microsoft Dynamics channel, according to the companies. Solution Systems is a Microsoft Gold Partner and will continue to operate independently under Evergreen's 'forever hold' model while benefiting from access to a wider array of resources. Solution Systems was the first to implement Dynamics 365 Business Central globally.
In April of 2024, Evergreen’s government IT services and software contracting division, Cedar Solutions Group, acquired Omnyon, a mission-critical IT services company. Omnyon specializes in software engineering, systems administration, systems engineering, technical writing, network engineering, software integration, test engineering, data science, program management, technical leadership, and cloud engineering.
Founded in 2017, Evergreen is based in San Francisco, California. The company has 103 employees listed on LinkedIn.
