Berkshire, Court Square Agree to Thrive Investment

Massachusetts-based technology outsourcing provider Thrive is receiving a strategic investment from two of its investors in hopes of improving its ability to scale in the market.

The company announced on Tuesday a strategic investment from new investor Berkshire Partners and existing investor Court Square Capital Partners. The deal will allow the company's founding investor, MC Partners, to sell its remaining stake. Thrive offers IT and cybersecurity services to midmarket, small enterprise and SMB clientele across the financial, medical and governmental markets.

Thrive's Bill McLaughlin

“Over the past decade, we’ve built a market-leading company with a wide array of technology capabilities. With the new strategic investment from Berkshire and Court Square, we will continue scaling to meet the complex needs of the industries we serve,” said Bill McLaughlin, president of Thrive. “We are excited to partner with two firms that understand our business and mission of enabling our customers to increase business efficiencies through standardization, scalability, and automation to deliver exceptional technology returns on investment.”

Why a Thrive Investment

Berkshire's Candice Corvetti

“Thrive’s impressive leadership team has built a remarkable organization, and we are thrilled to begin our partnership alongside Court Square,” said Candice Corvetti, managing director at Berkshire Partners. “The complexity of the IT and cybersecurity challenges that companies face today have never been greater,” added Marcus Dodyk, principal at Berkshire Partners. “These tailwinds and the need for effective IT and cybersecurity services will continue to create opportunities for exceptional, customer-first MSP/MSSPs like Thrive.”

Related:Valeo Networks Adds Bay Area MSSP via Acquisition

Court Square's Jeff Vogel

“Our additional investment underscores our belief in the company,” added Jeff Vogel, managing partner at Court Square. “We are thrilled to continue working with Thrive’s exceptional management team and partner with Berkshire, who brings a wealth of IT investing experience and expertise.”

Thrive has expanded its offerings through M&A in the last two years. The company has completed a dozen acquisitions during that period. The latest was the purchase of Michigan-based MSP Safety Net, which allowed it to expand its footprint within the Midwest.