Upstack Buys Telco Consultancy Performance Networks

After mergers and acquisitions in the technology advisor (agent) industry slowed their pace in early 2024, buyers like Upstack may be picking it back up again.

The New York-based technology advisory company announced the acquisition of telecom consultancy and sales agency Performance Networks on Thursday. Denver-based Performance joins a long list of agency businesses Berkshire-backed Upstack has bought.

Upstack said at the beginning of 2024 that it manages a total of $550 million in annual spend by its business customers. The company sources technology in the agent model, selling infrastructure software and services from vendors that bill and manage the end user.

Performance Networks, founded in 2010 by Shawn Nus, has earned accolades for its sales prowess. Tech services distributor Telarus has awarded the agency President's Club honors for the last four years, as well as a Million-Dollar Rockstar award.

Shawn Nus

According to Upstack, Nus was looking for a way to keep growing the company and to continue serving his client base.

"Joining Upstack gives me the peace of mind that my customers are well taken care of,” Nus said. “Upstack has developed an integration plan so I can continue to advise my customers, hold their hands through the process and ensure their needs are met. I’m confident they will find a happy home with Upstack's all-star team.”

Related:Packet Fusion Gets Investment from Bridgepointe

According to Upstack, its support for acquired clients includes a customer portal that provides information on status and inventory. When asked by Channel Futures about the portal, Upstack said it can't provide details until later this year.

Background on Performance Networks

Many leaders of tech advisor (agent) businesses hail from a background in carrier sales, as does Performance's Shawn Nus. He worked in sales at Qwest (which eventually became part of what we know as Lumen today) for more than a decade. Larry Borland, who joined Performance in 2019 as vice president and general manager, also worked in sales at Qwest.

While Nus ran the agency on his own for the initial years, he ultimately hired a mix of back-office, sales and marketing roles. Performance's website lists 11 employees.

“Nurturing our relationships and building customer confidence have been keys to our success,” said Nus. “Our clients trust us because we’ve always been there for them through the years, and they can depend on us to continue supporting them with best-in-class solutions and high-quality customer care.”

Upstack has publicly announced 34 acquisitions of agents' books of business. The previous deal was with CA Communications, announced in late February.

Related:Tech Advisor Revenue Pacing Ahead of 2024 Projections

Upstack's Chris Trapp

“Performance Networks’ commitment to customer experience and client success is an excellent fit for Upstack,” Upstack CEO Christopher Trapp said. “Shawn Nus has built a company that thrives on forging deep customer relationships and supporting clients with the highest quality of care. We’re excited to welcome Shawn and the Performance Networks’ team to Upstack’s growing organization.”

Agent M&A appears to be back in the news this summer. Further-backed E78 recently bought The Avail Group, and Charlesbank-backed Bridgepointe on Wednesday announced an investment in Packet Fusion.