Magna5, a Top 250 MSSP and portfolio company of private equity growth expansion fund NewSpring Holdings, has acquired the U.S. assets of MSP Apogee IT Services for an undisclosed sum.
This is technology M&A deal number 37 that MSSP Alert and sister site ChannelE2E have covered so far in 2023.
Magna5, founded in 2001, is based in Pittsburgh, Pennsylvania. The company has 211 employees listed on LinkedIn. Magna5's areas of expertise include cybersecurity, managed IT and cloud services.
Apogee, founded in 1990, is based in Sewickley, Pennsylvania. The company has 56 employees listed on LinkedIn. Apogee's areas of expertise include IT security, IT help desk and data backup and recovery services.
Magna5 Extends Market Reach
Apogee provides Magna5 additional scale and strengthens the company's position in the cybersecurity, managed IT services, data recovery and cloud services markets, the businesses said. It also allows Magna5 to leverage Apogee's capabilities to deliver combined services and "an even more robust set of offerings," Magna5 CEO Robert Farina stated.
In addition, Apogee now provides its customers with Magna5's IT solutions, Apogee CEO Paul Cronin said. As such, these customers can use Magna5's network cybersecurity tools and other IT solutions to manage and secure their IT operations.
Magna5 Hires SVP of Service and Delivery
The Apogee acquisition comes after Magna5 in October 2022 appointed Rick Harter as its senior vice president of service and delivery. Harter is helping Magna5 foster a service delivery framework that allows the company to improve its end-user support, cybersecurity, data recovery and cloud services, Harter said.
Prior to joining Magna5, Harter served as senior vice president of business operations and client services at Datrose, a business process outsourcing solutions provider. He also has held leadership roles at CSS Corp, Sutherland and other technology companies.
Magna5 Boosts Revenue in 2022
It was a "record-breaking year" for Magna5 in 2022, the company indicated. Magna5 doubled its revenue and increased its organic sales by 30% during the year and continues to look for ways to accelerate its growth.
Magna5 offers cybersecurity, private and public cloud hosting, backup and disaster recovery (BDR) and other IT solutions. It provides a partner program and has established partnerships with Fortinet, SentinelOne and other cybersecurity companies.
