Electric acquires Texas-based MSP Techvera: Market-leading premium IT support provider
Managed Service Providers (MSP) covers a vast market in the IT world, and as per statics, it is growing through the creation of new companies, expanding, or acquisitions. As companies are moving away from the shade of not knowing what an MSP is or how it benefits them, the MSP sector's competition is rapidly growing. Electric recently acquired Techvera MSP as per their plan, and the company is a leading one.
Techvera Business is a renowned IT support services company that works with many others. At the same time, Electric is an industry leader that provides top-class IT services and real-time customer support for different aspects of a business. Whether small or large, it is always efficient to hire MSP to handle IT-related tasks. Northern Texas-based managed service provider recently acquired Techvera with a series-C funding.
Techvera has been in business for over 20 years, and in time they acquired many clients who recommend them left and right. It was initially created as a repair shop named "Geek on Wheels," which later converted to managed services in 2015.
As the companies adapt to changes in the tech world, it becomes difficult to hold the controls and steer through challenges. At this moment, MSP's come into action with the latest technological support that gives companies a fighting chance in a significant competitive tech world. Today the company provides exceptional support in under 20 minutes for their 90+ clients across the States.
Reese Ormand, CEO and Founder of Techvera, a member of peer groups and the acquisitor company, said the team and him formed top-tier sales and engineering people. Ryan Denehy, CEO and Founder of Electric, said: "Customers have a lot of nice things to say about Techvera."
Electric expanded its services throughout Texas with the acquisition. As the company is cloud, security-focused, it goes well with Eclectic. Denehy said to CRN, "We have minimal business in Texas." As they were not a part of business here previously and it would take a long time to get along with the system, the company made a bold move or an epic entry into the sector through Techvera.
In February, Electric closed a $40 million round, which totals $100 million in funding. The investment was to expand Electric's reach through sales, R&D and marketing along with acquisitions like this one.
Electric has around 400 customers powered by 30,000 employee end-users. The company started to get a considerable boost in business in 2016; today, it suppressed 30,000 end-user marks. A series-C of $40 million in funding took place, as we said previously, with New York's top MSP Sinu's acquisitions back in November.
Denehy said, "Sinu wasn't integrated into Electric yet." Though Denehy declined to discuss the deal's value, he gave us enough details on the evaluation and expectations. An interview conducted among Electric CEO Denehy, Techvera CEO Reese reflected on the acquisition.
Back in 2001, when Techvera was founded, its mission was to transform technology into today's business asset. So rather than being just a service provider, they became a household name and a trusted partner in technology to support modern businesses. The acquisition adds expert IT support to Electrics 100+ IT professional pool to demonstrate what could be achieved when forces come together.
IT, MSP acquisitions happen more frequently than we think. If a company recognises that it is good for business, whether by removing competition or grabbing those extra technologies and human resources and even for profiting down the road, deals occur. Our take on the acquisition is quite positive, and we believe it will genuinely benefit customers and the company economy.