H.I.G. Capital, a private equity firm, has acquired CXtec (aka CABLExpress Corp.) and TERACAI Corp. -- which I believe are two sister businesses based in Syracuse, New York.
CXtec provides refurbished networking equipment, telephony hardware and data center cabling products. The company's core brands include equal2new (certified pre-owned equipment) and RapidCare (IT maintenance services).
TERACAI, a Cisco Premier Partner, specializes in IT infrastructure solutions that address network, data center, cloud collaboration, security, mobility, and contact center needs. idly evolving IT landscape by delivering unparalleled technical expertise.
William G. Pomeroy, who founded CXtec in 1978, retires as CEO but will continue to serve on the board of directors and retain an ownership stake in the company. Financial terms were not disclosed. We're poking around for more details.
Generally speaking, VARs are valued at about 10 cents per dollar of product resale revenue, according to Service Leadership Inc. For ongoing coverage of VAR, MSP and CSP acquisitions, visit ChannelE2E's Milestones section.
