The 20 MSP, a leading provider of managed IT services, today announced its acquisition of Cirrus IT Solutions, an IT company and managed service provider (MSP) serving clients in Knoxville, Tennessee and the surrounding area.
This is technology M&A deal number 190 that ChannelE2E and sister site 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.
The 20 MSP Acquires Cirrus IT Solutions
The 20 MSP, founded in 2013, is based in Plano, Texas. The company has 147 employees listed on LinkedIn. The 20’s areas of expertise include business development, NOC services, 24/7 helpdesk, sales coaching, backup and disaster recovery, MSP business consulting, VoIP, copiers, printers, cybersecurity, marketing, HIPAA, business continuity, HaaS, cloud services, on-site support, remote support and support desk.
Cirrus IT Solutions, founded in 2005, is based in Knoxville, Tennessee. The company has two employees listed on LinkedIn. Cirrus's areas of expertise include IT services, managed services, networking services, and security.
This deal marks the twenty-second acquisition for the rapidly expanding company and its ninth of the year. The 20 seeks to solidify its national footprint through a combination of organic growth and strategic M&A deals.
Cirrus IT Solutions was a member of The 20 MSP Group, a business development co-op dedicated to fostering growth among MSPs looking for help with scalability, sales, and service delivery. The company's consistent growth led to its inclusion in The 20 Elite, an exclusive tier within the co-op reserved for top-performing MSP members, according to the companies.
The 20's CEO and founder, Tim Conkle, commented on the news:
"Today is a great day for both companies and, most importantly, for our collective client base. Cirrus brings a lot to the table, including a first-rate team of motivated individuals who understand that the core of what we do is service. Their commitment to excellence impressed us from the get-go, and I'm confident that their in-depth knowledge of our industry will continue to help The 20 distinguish itself on the national stage."
The 20’s Aggressive M&A Play
The 20 labels itself as an “exclusive consortium for managed service providers (MSP) aimed at dominating and revolutionizing the IT industry with its standardized all-in-one approach.”
The company has made nearly two dozen acquisitions in the last two years, including Dallas Network Services and Integrated Business Technologies (IBT) in February 2023. In April, The 20 acquired UNI Computers (Kansas), CyberSecure IT Solutions (Florida), and The Computing Edge (Oklahoma). These three acquisitions were part of a buying spree that began in 2022 when the company acquired 13 businesses.
The 20 continues to pursue an aggressive M&A strategy and plans to continue its acquisition momentum throughout 2023. The company has a full pipeline of acquisition candidates, all of which belong to The 20 MSP Group. Conkle explained that acquiring MSPs exclusively from the group enables a powerful M&A strategy that builds on preexisting synergies and relationships.
"We're thrilled by how far we've come and how successful this roll-up has been so far," said Conkle. "But there's more work to be done, and our passion and commitment are as strong as ever."
Pinecrest Capital Partners served as the exclusive financial advisor to The 20 MSP on the acquisition and associated financing.
