FutureTech Holding (FTH) has acquired A2U, a healthcare-focused IT solutions provider, MSP and consultancy in Pittsburgh, Pennsylvania. Financial terms were not disclosed.
A2U -- which stands for Applications To You -- counts Citrix Systems and Palo Alto Networks. Roughly 80 percent of the company's customers are in the healthcare sector, according to a Pittsburgh Post-Gazette report.
A2U is nearing 50 employees, and annual revenues jumped 199 percent as of August 2017, according to the Pittsburgh Business Times. Actual revenue and profit figures were not disclosed in that report.
The FTH deal aligns with A2U's "five-times growth goal" while expanding its suite of services, the company said. A2U CEO and co-founder Dan Dillman was recently chosen as Pittsburgh’s CEO of the Year by the Pittsburgh Business Times.
Dillman will stay on to manage the A2U business unit, and A2U’s Cliff Miller will continue serving in the CTO role. The executives say customer referrals and technical staff know-how are the secrets to the company's ongoing growth.
“We’re excited about joining the FTH family. This will only help us serve our customers better and achieve new, great heights,” said Miller.
About FutureTech Holding
Headquartered in Atlanta, Georgia, FutureTech Holding is an IT Services company with strategic holdings in the healthcare, financial, and technology sectors. On the technology front, the firm provides IT consulting and IT contract engagement services across ERP (SAP & Oracle), Business Intelligence (SAP/BOBJ), Infrastructure Management (Dell EMC & Hitachi) and general IT consulting (Microsoft & Oracle).
President, CEO and Chairman Sravan Vellanki founded FTH in 2005 when he partnered with professional investors and acquired various companies. Looking ahead, the company is striving to reach $250 million in revenues by 2020, though we haven't been able to confirm current revenue figures.
Pennsylvania: Strong MSP M&A Activity
Multiple Pennsylvania-area MSPs and IT service providers have been acquired or completed investment transactions this year. Example deals include:
- Apex IT Group CEO George Mach in recent days acquired full control of the Philadelphia- and New Jersey-area MSP from former investors Gary Pica, Bob Penland and Howard Borochaner. (We expect to share more details on that move soon.)
- Everest Technologies in recent weeks Philadelphia regional discovery services provider Summit Scanning Partners.
- Evergreen Services Group this year invested in Jenlor Integrations and Wolf Consulting, both of which are in the Pittsburgh area.
