Google Cloud Platform (GCP) and G Suite partner Tempus Nova Inc has been acquired by private equity firm Renovus Capital Partners, which has growing experience in the IT services and management consulting sectors. Financial terms were not disclosed.
Tempus Nova of Denver, Colorado, provides project-based IT consulting, migration and managed services for a lengthy list of Google offerings -- including the App Maker low-code application development environment. And the company has partnerships with numerous technology companies.
Among Tempus Nova's claims to fame: The company has migrated more than 2 million email accounts and hundreds of enterprise applications to G Suite and (GCP) for Fortune 500 companies and public sector organizations such as the Federal General Services Administration (GSA), the National Oceanic & Atmospheric Administration (NOAA), and multiple state municipalities, the company says.
Explaining the deal, Tempus Nova CEO Didi Dellanno said:
“From an operational perspective, Tempus Nova will continue to provide our customers with the same great service. Strategically, the company will have access to a wealth of additional executive resources, geographical presence and capital to help accelerate our growth."
Multiple third-party firms helped to pull the deal together. FOCUS Investment represented Tempus Nova in the transaction. Also, DLA Piper served as legal counsel and CTS as a financial advisor to Renovus.
Renovus Capital Partners: IT Services Experience
Renovus is a private equity firm focused on education, training, and human capital. The PE firm managed over $500 million of committed capital and has acquired 20 portfolio companies since it was founded in 2010.
The private equity firm has experience in and around the IT consulting and IT services sectors. Key investments have included:
- Lockstep provides managed IT services, cloud solutions, IT risk management and security, and strategic IT consulting.
- The Panum Group, a management consulting firm with IT, communications, network infrastructure and security expertise.
Private Equity Activity: VARs, MSPs, CSPs
Private equity firms have been quite active buying up VARs, managed and cloud services providers (MSPs and CSPs), IT consulting firms, and other types of channel partners.
Example deals include:
- December 2018: Craftsman Capital acquired CMIT Solutions, a national MSP franchising organization with 220 offices across 33 states.
- December 2018: A private equity firm essentially funded the merger of two key MSPs -- CareWorx and Fully Managed Technology.
- November 2018: Private equity-backed EverWatch acquired Dynamic Engineering Solutions (DES), a government sector IT consulting firm.
Additional private equity buyers in the market include such names as:
- Abry Partners, owner of NexusTek;
- Alpine Investors, owner of Evergreen Services Group;
- Madison Dearborn Partners, owner of Remote DBA Experts; and
- M/C Partners, owner of Thrive Networks.
Additional reporting by Joe Panettieri.
