ROCKY MOUNT, NC, November 1, 2014 -- Cogent Growth Partners, LLC (Cogent) announced today that they advised WebPoint IT Solutions (WebPoint), a North Carolina-based provider of IT consulting and outsourcing for small and medium-sized businesses (SMBs), on its recently announced acquisition of IT & Communications Company (ITCC), a Richmond, VA area IT and managed services solution provider to SMBs. The transaction was effective for November 1, 2014 and is the second Richmond acquisition for WebPoint in which Cogent was the M&A advisor and intermediary.
After several months of collaboration between the two companies, WebPoint and ITCC have closed on a transaction that will bring the two companies together for a higher level of service based on shared resources. The acquisition represents a merging of operations, services, cultures and people to the company on the whole and to the recently established Richmond footprint of WebPoint from its 2012 acquisition of InPower.
With the joining of ITCC and WebPoint, the company has grown to 50 employees across four locations (Rocky Mount and Wilson, NC and two Richmond, VA locations.) Through this expansion, the company aims to offer an increased level of service including proactive IT solutions that improve the reliability of systems and add efficiencies to their clients’ business processes. Former president of ITCC, Garth Wermter, will stay on with WebPoint as an executive of the company managing service delivery.
“Cogent led a highly successful Richmond, VA expansion acquisition for WebPoint in 2012. It went so well for our client that after they digested that transaction, they came back a year and a half later to bolt-on to that newly established thriving base,” stated George Sierchio, Vice President and Senior Partner at Cogent. “Two years to the day of the first acquisition, we completed the second, which looks to have the makings of the same success. Careful, thoughtful and detailed planning has certainly won the day for WebPoint. We are happy to have played a key role for them once again and we’re looking forward to witnessing the continued success of WebPoint, ITCC and their combined employees and customers.”
Cogent Growth Partners (www.cogentgrowthpartners.com) is a buy-side merger & acquisition advisory firm that combines IT industry-specific transaction know-how with deep operational expertise, to work exclusively with clients in the IT and Managed Services industry. Cogent helps create superior companies that deliver exceptional financial results and improved equity value for the owners – all while mitigating many of the risks associated with planning and executing acquisition or exit strategies.
WebPoint IT Solutions is a full-service Managed Services Provider focused on services that range from desktop support to data center design. WebPoint specializes in remote and onsite problem resolution, software patching, backups, security, project and vendor management, disaster recovery, purchasing and inventory management, monitoring and documentation, and network assessments. Presently, WebPoint manages over 9000 devices for companies in the United States, Canada, Mexico, UK, France and China. To learn more about WebPoint IT Solutions, please visit www.webpointitsolutions.com/
Founded in 2000 by Garth Wermter, IT & Communications Company is an IT and managed services provider dedicated to SMBs in the Richmond, VA area. ITCC has extensive experience with clients in the medical and dental, legal, accounting, manufacturing, construction, non-profits, and service industries. They provide specialty support no matter what industry a business may fall into, maintaining their excellence in client service delivery.
Media Contact: George Sierchio, Cogent Growth Partners, 973-542-4020 firstname.lastname@example.org
Posted on Nov 01, 2014