New Charter Technologies, backed by Palo Alto-based private equity firm Oval Partners, is partnering with Strategic Solutions. Financial terms were not disclosed.
This is technology M&A deal number 465 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
New Charter Technologies Equity Partnership With Strategic Solutions
Founded in 2001 and based in Richmond, Virginia, Strategic Solutions provides IT consulting, technology delivery and managed services to the mid-Atlantic region of the United States.
Strategic Solutions has provided support services nationally, but being part of the New Charter Technologies Equity Partnership will “supercharge” the organization’s future growth and business development goals, according to the company.
New Charter Partners With Strategic Solutions: Executive Insight
William (Jay) Strickland, CEO and co-founder, Strategic Solutions, commented:
“We felt some of the benefits that came along with joining New Charter in the security front would be extremely strategic for us and help us develop a much richer set of offerings for our clients. As we have joined the partnership, we have realized that there is much more.”
William (Bill) Lopez, chief revenue officer and co-founder, Strategic Solutions, said:
“We now have the ability to tap into the other New Charter Technologies Operating Companies with locations across the country. We can partner with them and leverage each other as needed.”
Mitch Morgan, CEO, New Charter Technologies, added:
“We are so impressed with everyone at Strategic Solutions. Under Jay and Bill’s leadership, the company has a highly tenured, passionate team with deep industry expertise in the healthcare market. This partnership provides many capabilities that we can bring to our platform of companies.”
About New Charter
Oval Partners and New Charter operate an equity partnership model. The acquired companies’ existing leadership stays on to run and expand the organizations.
New Charter has now acquired and/or invested in more than 10 MSPs since 2020 — including Braver Technology, Olmec Systems, Greystone Technology, The Tech Group and Adnet. New Charter’s four founding MSPs, as announced in September 2020, were:
- ActiveCo Technology Management of Vancouver, British Columbia.
- Apex Technology Management of Redding, California.
- DCG Technical Solutions of Los Angeles, California.
- PennComp Outsourced IT of Houston, Texas.
Despite the many M&A deals, none of them fit into the traditional “sell and exit” strategy for the MSP owners, as ChannelE2E has reported. Instead, Oval Partners invests in the companies and helps them scale, keeping the previous owners on hand to run and expand the company using lessons gleaned from their other businesses.
