IT Services Growth Capital Investments in 2021
Acquisition Volume in IT Services Growth Capital Investments in 2021 by Year
Last 5 years
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December 30, 2021
- Buyer
- The Cynosure Group
- Target
- Fresh Consulting
- Industry
- IT Services
- Location
- Washington, United States
- Type
- Growth capital
Seattle-area technology consulting firm Fresh Consulting received a strategic growth investment from The Cynosure Group. The minority capital injection will support Fresh's capability expansion (including internal development and M&A) while the company's founders and management remain majority owners.
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December 15, 2021
- Buyer
- Main Street Capital Corporation, Hawk Ridge Systems, LLC, Co-investor (unnamed)
- Target
- Hawk Ridge Systems, LLC, DesignPoint
- Industry
- IT Services
- Location
- California, United States
- Type
- Growth capital
Main Street Capital Corporation provided a $16.4 million first‑lien, senior secured term debt follow‑on investment in portfolio company Hawk Ridge Systems to finance Hawk Ridge’s acquisition of DesignPoint and support internal growth initiatives. Hawk Ridge, a leading value‑added reseller of SOLIDWORKS and 3D printing solutions headquartered in Mountain View, California, will use the financing to expand geographic reach and bolster technical and sales resources.
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December 10, 2021
- Buyer
- JLL Partners
- Target
- Modus Create
- Industry
- IT Services
- Location
- Virginia, United States
- Type
- Growth capital
Modus Create, a digital transformation and product development services firm headquartered in Reston, Virginia, received a strategic growth investment from private equity firm JLL Partners. The minority investment — Modus Create's first outside financing — will fund growth initiatives to expand capabilities, grow the team, and extend the company's global footprint.
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December 3, 2021
- Buyer
- Apollo Strategic Growth Capital, American Express Company, Expedia Group, Certares
- Target
- American Express Global Business Travel
- Industry
- IT Services
- Location
- New York, United States
- Type
- Growth capital
American Express Global Business Travel (GBT) entered into a definitive business combination agreement with special purpose acquisition company Apollo Strategic Growth Capital (APSG) to create a large publicly traded B2B travel platform. The transaction is expected to provide up to $1.2 billion of gross proceeds (including an upsized $335 million PIPE) and is anticipated to close in the first half of 2022, subject to customary conditions.
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November 29, 2021
- Buyer
- Horizon Capital
- Target
- BP3 Global
- Industry
- IT Services
- Location
- United States
- Type
- Growth capital
Horizon Capital has made a significant growth investment in BP3 Global to accelerate the company's organic growth and to fund a buy-and-build strategy. The capital package (with debt financing provided by DunPort Capital Management) will support BP3's plans for multiple acquisitions and expansion of its intelligent automation services across new markets. Founders Lance Gibbs and Scott Francis will remain in leadership roles while Horizon takes board seats.
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October 26, 2021
- Buyer
- OceanSound Partners, Blackstone Credit, Goldman Sachs Asset Management Division
- Target
- Digital Management Holdings, LLC (DMI)
- Industry
- IT Services
- Location
- Maryland, United States
- Type
- Growth capital
An affiliate of OceanSound Partners has made a strategic growth investment in Digital Management Holdings, LLC (DMI). Founder and CEO Jay Sunny Bajaj will retain a significant ownership stake and DMI will continue to operate under existing management; Blackstone Credit and Goldman Sachs Asset Management provided committed financing. The investment is intended to support DMI's market expansion and capability growth; financial terms were not disclosed.
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October 22, 2021
- Buyer
- Pamlico Capital
- Target
- AVANT
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Growth capital
Pamlico Capital provided a strategic growth investment in AVANT to accelerate the Chicago-based IT distributor's expansion and scale its platform for IT decision-making. AVANT's founders and management retain significant ownership and will continue to run the business as the company grows hiring and expands capabilities across cloud, security and UCaaS offerings.
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October 6, 2021
- Buyer
- Guidepost Growth Equity
- Target
- Network to Code
- Industry
- IT Services
- Location
- New York, United States
- Type
- Growth capital
Guidepost Growth Equity has made a growth equity investment in Network to Code to support the company's expansion of services, open-source development (Nautobot) and go-to-market efforts. Financial terms were not disclosed; the partnership will fund investments in service offerings, community and sales and marketing to accelerate adoption of network automation globally.
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October 6, 2021
- Buyer
- Brakket Invest
- Target
- BEON-IT
- Industry
- IT Services
- Location
- Saudi Arabia
- Type
- Growth capital
Brakket Invest, a Stockholm- and Dubai-based growth equity fund, signed an agreement to acquire BEON-IT, a SAP Gold-Partner firm with offices across the Middle East. The deal is intended to give Brakket a foothold in the global tech industry and strengthen its SAP consulting capabilities as it expands operations toward Switzerland.
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September 22, 2021
- Buyer
- Housatonic Partners, Pracinco
- Target
- Veridic Solutions
- Seller
- Devender Aerrabolu
- Industry
- IT Services
- Location
- Texas, United States
- Type
- Growth capital
Housatonic Partners, in partnership with Pracinco, made a strategic growth investment in Veridic Solutions, a Dallas-based cloud and digital transformation services provider. The investment will support Veridic's expansion under incoming CEO Vikas Aditya while founder Devender Aerrabolu remains involved; financial terms were not disclosed.
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- Buyer
- WestView Capital Partners
- Target
- Invisors
- Industry
- IT Services
- Location
- Georgia, United States
- Type
- Growth capital
WestView Capital Partners, a Boston-based private equity firm, has made a minority growth investment in Invisors, an Atlanta-headquartered Workday services partner. The investment will fund Invisors' five-year growth plan to expand services, solutions and team capabilities while Invisors' six partners remain majority owners and WestView joins the board.
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August 19, 2021
- Buyer
- Achieve Partners
- Target
- Cloud for Good
- Industry
- IT Services
- Location
- North Carolina, United States
- Type
- Growth capital
Achieve Partners announced a strategic growth investment in Cloud for Good to support the launch of a scaled Salesforce apprenticeship program called Talent for Good. Cloud for Good, a certified B Corporation and Premium Salesforce.Org Partner serving higher education and nonprofit clients, will use the capital to expand its workforce pipeline and better serve clients such as MIT, Harvard and major nonprofit organizations.
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July 12, 2021
- Buyer
- LNC Partners
- Target
- Cantey Tech Consulting
- Industry
- IT Services
- Location
- South Carolina, United States
- Type
- Growth capital
LNC Partners, a Northern Virginia-based private equity firm, has made a significant investment in Cantey Tech Consulting, an IT managed service provider headquartered in Charleston, South Carolina. The capital will support Cantey Tech's growth strategy — including pursuing add-on acquisitions across the southeastern United States — while Willis Cantey remains CEO.
-
- Buyer
- Cohere Capital
- Target
- Promevo
- Industry
- IT Services
- Location
- Kentucky, United States
- Type
- Growth capital
Boston-based private equity firm Cohere Capital has made a strategic growth investment in Promevo, a Burlington, Kentucky-based provider of Google Workspace, Chrome, and Google Cloud Platform services and software (including its gPanel management product). The capital will support Promevo’s expansion of service offerings and further development of software and solutions for customers operating on the Google technology ecosystem.
-
- Buyer
- Morgan Stanley Private Credit, Onex Falcon
- Target
- CSS Corp
- Industry
- IT Services
- Location
- California, United States
- Type
- Growth capital
Morgan Stanley Private Credit and Onex Falcon completed an investment in CSS Corp that includes mezzanine financing and equity participation, and will join the company’s board. The funding — made alongside existing investor Capital Square Partners and with CEO Sunil Mittal leading the company — is intended to support CSS Corp’s organic growth, capability expansion and geographic footprint expansion.
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June 21, 2021
- Buyer
- H.I.G. Capital
- Target
- Enseo, LLC
- Industry
- IT Services
- Location
- Texas, United States
- Type
- Growth capital
H.I.G. Capital (through an affiliate) completed a growth investment in Enseo, a Plano, Texas-based provider of in-room technology solutions for hospitality, senior living, education and healthcare. The capital will be used to accelerate Enseo's organic and inorganic growth and to expand the company's solutions (in-room entertainment, managed WiFi, IoT room controls and health & safety products) into additional vertical markets.
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June 1, 2021
- Buyer
- Novacap
- Target
- Cofomo
- Industry
- IT Services
- Location
- Quebec, Canada
- Type
- Growth capital
Novacap has acquired a significant equity interest in Cofomo to accelerate the IT consultancy's growth and strengthen its market leadership across Canada. The partnership will support Cofomo's expansion of digital transformation, cloud, security and talent-delivery capabilities while leaving the existing management team and operations in place.
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- Buyer
- VSS Capital Partners
- Target
- Centroid Systems Inc.
- Industry
- IT Services
- Location
- Michigan, United States
- Type
- Growth capital
VSS Capital Partners completed a growth investment in Centroid Systems Inc., a Troy, Michigan-based provider of managed cloud services and enterprise workload consulting with deep Oracle expertise. The capital will support Centroid’s organic growth and identified add-on acquisition opportunities to expand its managed services, digital transformation, analytics and public cloud capabilities; financial terms were not disclosed.
-
- Buyer
- Abry Partners
- Target
- SDI Presence LLC
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Growth capital
Abry Partners has made a minority growth investment in SDI Presence LLC, a Chicago-based IT consultancy and managed services provider. The capital will fund SDI Presence’s continued organic expansion and acquisition strategy to grow its footprint across government, utility and private-sector technology markets.
-
May 20, 2021
- Buyer
- SnapAV
- Target
- Parasol
- Industry
- IT Services
- Location
- Virginia, United States
- Type
- Growth capital
SnapAV announced a strategic investment in Parasol, a provider of 24/7 remote support solutions for integrators, to expand post-installation support and integrator services. The investment leverages SnapAV's OvrC remote management platform and is intended to help Parasol scale its offerings and improve integrator productivity and end-customer service levels.
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- Buyer
- Crest Rock Partners
- Target
- Jelecos
- Industry
- IT Services
- Location
- Nebraska, United States
- Type
- Growth capital
Denver-based private equity firm Crest Rock Partners announced a strategic growth investment in Jelecos, an Omaha-headquartered AWS-focused technology consulting company. The undisclosed transaction will provide capital and guidance to help Jelecos expand its AWS competencies, hire additional certified technical experts, broaden service offerings, and enter new geographies; Layer 7 Capital arranged the transaction.
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April 14, 2021
- Buyer
- Berkshire Partners
- Target
- UPSTACK
- Industry
- IT Services
- Location
- New York, United States
- Type
- Growth capital
Berkshire Partners has made an equity investment in UPSTACK to support the company's technology platform, expand its product and service portfolio, and accelerate direct investments and M&A in top-producing sales agencies. UPSTACK, a New York–based technology brokerage for cloud, colocation and connectivity solutions, will use the capital to evolve its platform and pursue continued roll-up activity.
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- Buyer
- Sverica Capital Management
- Target
- WinWire Technologies
- Industry
- IT Services
- Location
- California, United States
- Type
- Growth capital
Sverica Capital Management has made a strategic growth investment in WinWire Technologies, a Santa Clara–based data-driven digital engineering firm specializing in Microsoft Azure, data analytics and AI. The investment will support WinWire's growth, global expansion and development of domain capabilities across Healthcare, Retail, Hi‑Tech and Manufacturing.
-
- Buyer
- H.I.G. Capital, Concord USA, LLC
- Target
- Concord USA, LLC, Upton Hill Inc.
- Industry
- IT Services
- Location
- Minnesota, United States
- Type
- Growth capital
An affiliate of H.I.G. Capital completed a growth investment in Concord USA, LLC, a Minneapolis-based technology consulting and digital transformation firm. Concurrently, Concord acquired Upton Hill Inc., a Minnesota-based healthcare-focused consulting firm, to deepen its payor expertise and broaden service capabilities for enterprise clients.
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March 16, 2021
- Buyer
- Pfingsten Partners
- Target
- Omega Systems Consultants, Inc.
- Industry
- IT Services
- Location
- Pennsylvania, United States
- Type
- Growth capital
Pfingsten Partners made a growth investment in Omega Systems Consultants, a Reading, Pennsylvania-based managed IT and cybersecurity services provider, partnering with founders Bill and Jennifer Kiritsis who retained significant equity. The investment establishes Omega as Pfingsten's platform for managed IT services and is intended to support capability expansion, geographic growth and a pursue add-on acquisition strategy.
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- Buyer
- Georgia Oak Partners
- Target
- Aditi Consulting
- Industry
- IT Services
- Location
- Washington, United States
- Type
- Growth capital
Aditi Consulting has raised a capital investment led by private equity firm Georgia Oak Partners, which also joined Aditi’s board. The funding will be used to expand Aditi’s go-to-market efforts and further develop its technology and services capabilities to accelerate customer digital transformation.
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February 23, 2021
- Buyer
- LLR Partners
- Target
- Salute Mission Critical
- Industry
- IT Services
- Location
- Wisconsin, United States
- Type
- Growth capital
LLR Partners completed a growth investment in Salute Mission Critical to provide capital and strategic support for scaling the company’s mission-critical data center lifecycle services. The funding will be used to expand infrastructure and global operations, support strategic M&A, and accelerate Salute’s training and hiring of military veterans for technical roles.
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February 16, 2021
- Buyer
- New Mountain Capital
- Target
- Accolite Digital
- Industry
- IT Services
- Location
- Texas, United States
- Type
- Growth capital
New Mountain Capital has made a growth-oriented investment in Accolite Digital, a cloud and digital product engineering services provider headquartered in Addison, Texas. Accolite's founder and management team will remain invested and in place as the firm looks to scale its global delivery model, expand service offerings, and pursue strategic acquisitions.
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February 8, 2021
- Buyer
- Morgan Stanley AIP Private Markets Secondaries Team (Morgan Stanley Investment Management), RunTide Capital
- Target
- Axispoint Technology Solutions Group
- Industry
- IT Services
- Location
- New York, United States
- Type
- Growth capital
Investment funds managed by Morgan Stanley Alternative Investment Partners Private Markets Secondaries Team completed a transformational secondary investment alongside RunTide Capital in Axispoint Technology Solutions Group (ATSG). The growth capital will support ATSG — a Manhattan-based IT solutions and managed services provider led by founder Frank Scanga and CEO Anthony D'Ambrosi — as it continues to scale and pursue a consolidator strategy in the fragmented IT services market.
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February 8, 2021
- Buyer
- Thomas H. Lee Partners, THL Automation Fund L.P.
- Target
- Ashling Partners, LLC
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Growth capital
Thomas H. Lee Partners (THL) has completed a growth capital investment in Ashling Partners, an intelligent automation services provider. THL principals Josh Bresler and Kearney Shanahan will join Ashling's board as the firm looks to expand its global scale, broaden automation capabilities, and pursue M&A opportunities.
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January 19, 2021
- Buyer
- BV Investment Partners
- Target
- PixelMEDIA, LLC
- Industry
- IT Services
- Location
- New Hampshire, United States
- Type
- Growth capital
BV Investment Partners has made a growth investment in PixelMEDIA (Pixel), a digital commerce services firm that helps brands launch, manage and grow ecommerce on the Salesforce platform. Co‑founders Erik Dodier and Thomas Obrey will remain in their roles and retain significant ownership as BV partners with the team to expand capabilities, invest in staff, and accelerate growth.
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January 14, 2021
- Buyer
- GIC, Siemens AG, Fidelity Management and Research LLC, Mubadala Investment Company
- Target
- ThoughtWorks
- Seller
- Apax Partners, Existing investors
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Growth capital
ThoughtWorks received a $720 million investment from GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company at an enterprise value of $4.6 billion. The capital will be used to repurchase equity from existing investors and to support the company's growth and international expansion; Apax Partners is referenced as a prior investor.
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- Buyer
- Renovus Capital Partners
- Target
- Inflow Communications
- Industry
- IT Services
- Location
- Oregon, United States
- Type
- Growth capital
Renovus Capital Partners has made a growth investment in Inflow Communications, a Portland, Oregon-based provider of strategic advisory, consulting and managed services for contact center (CCaaS), customer experience (CX) and unified communications (UCaaS) technologies. Inflow serves over 500 customers nationwide and will partner with Renovus to accelerate growth and pursue strategic initiatives; Inflow is the 15th platform company for Renovus' second fund.
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January 12, 2021
- Buyer
- Gilde Buy Out Partners
- Target
- ]init[ AG für digitale Kommunikation
- Industry
- IT Services
- Location
- Berlin, Germany
- Type
- Growth capital
Funds advised by Gilde Buy Out Partners have agreed to acquire a minority stake in Berlin-based digital transformation firm ]init[ AG für digitale Kommunikation. EMERAM Capital Partners will remain a shareholder at the same level, and the new shareholder group intends to accelerate ]init['s organic and inorganic growth, expand its international focus, and pursue acquisitions.
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January 7, 2021
- Buyer
- Falfurrias Capital Partners
- Target
- Crosslake Technologies
- Industry
- IT Services
- Location
- Washington, United States
- Type
- Growth capital
Charlotte-based private equity firm Falfurrias Capital Partners has made an investment in Crosslake Technologies, a provider of technical due diligence and technology value-creation services. The investment will include Falfurrias executives joining Crosslake's board and is intended to help Crosslake extend its capabilities organically and via acquisitions to better serve private equity and portfolio company clients.
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January 3, 2021
- Buyer
- Keystone Capital, Inc.
- Target
- Inspire11
- Industry
- IT Services
- Location
- Illinois, United States
- Type
- Growth capital
Keystone Capital, Inc. completed a strategic growth investment in Inspire11, a digital transformation and technology innovation consultancy with offices in Chicago, Minneapolis, and Atlanta and offshore development centers in Macedonia and Kosovo. The minority investment will support Inspire11's growth initiatives, including internal scaling and potential complementary acquisitions; senior debt was provided by Wintrust Bank and terms were not disclosed.
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