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Managed Services M&A: Everon Technology Services Acquired
Another day, another managed services acquisition. This one involves PlumChoice acquiring Everon Technology Services, a well-known MSP that has landed multiple times on the MSPmentor 100 list. Here are some quick details about PlumChoice's buyout of Everon. Plus a reality check on MSP M&A activity, which seems to be accelerating. According to a press release from both companies:
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everon technology services
Another day, another managed services acquisition. This one involves PlumChoice acquiring Everon Technology Services, a well-known MSP that has landed multiple times on the MSPmentor 100 list. Here are some quick details about PlumChoice’s buyout of Everon. Plus a reality check on MSP M&A activity, which seems to be accelerating.According to a press release from both companies:
PlumChoice today announced the acquisition of Everon Technology Services, a leading IT managed service provider. Everon Technology Services provides a suite of IT management and support services for small businesses of up to 50 employees. With the addition of Everon’s managed services, PlumChoice is extending its leadership in small business technology services to cover all of the critical technology used by small business owners. This provides PlumChoice and its partners with the most comprehensive Technology Care service portfolio available to consumers and small business today.
The statement says Everon’s managed services focus on four areas:
IT Services (including Desktop, Server, and Network Management)
CTO Services
Hosted Web Services
Total Data Protection Services.
As part of the deal, Mike Cooch, president and founder of Everon, will join PlumChoice as a member of the executive team and will assume the role of Vice President/General Manager, Business Services, the two companies say. I’m checking to see if PlumChoice is retaining other Everon team members. Financial terms of the deal were not disclosed.
MSP Feeding Frenzy?
I want to be careful not to hype MSP M&A activity. But it’s impossible to ignore a flurry of recent deals. M&A moves worth noting include:
ClearPointe acquired Do IT Smarter, a well-known master MSP
All Covered CEO Todd Croteau says his company will likely make as many as 50 deals over the next three years, in addition to multiple deals already completed in 2010.
HEIT merged with Simpler-Webb to expand its managed services reach in the financial services vertical.
Of course, many MSPs are wondering about valuations. (Here’s MSPmentor’s best guess on the topic.)
More Questions About Today’s Deal
Meanwhile, I’m checking in with Everon’s Mike Cooch for more details on the PlumChoice deal. Among the questions I hope to pose:
Why sell now? What are the potential synergies?
Will Cooch remain involved in other businesses like Kutenda?
How much of the Everon team join PlumChoice?
What advice would Cooch give peer MSPs that are mulling exit strategies?
What were the financial terms of PlumChoice acquiring Everon? (Most executives at privately held firms respectfully decline to answer such questions… but I still have to ask.)
That’s all for now. Back soon with more perspectives on this deal.
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