Cogent Growth Partners Advises Infranet Technologies Group on Merger with WebPoint IT Solutions for Gains in Service Synergy & Opportunities


Wilmington, NC, July 1, 2016 – Infranet Technologies Group (“Infranet”), a North Carolina based IT infrastructure solutions and management company (www.infranetgroup.com), has announced its merger with WebPoint IT Solutions (“Webpoint”), a regional IT Managed Services Provider headquartered in Rocky Mount, NC with an additional location in Richmond, Virginia. The transaction forms a technology solutions company that will deliver a higher level of service for clients through combined resources, experience and access to greater technological advancements.

“I am personally very pleased to have advised both parties on this transaction,” said George Sierchio, VP and Senior Partner at Cogent Growth Partners, LLC. ”WebPoint has been a client of Cogent since 2012 where I had the pleasure of sourcing and leading two transactions that were part of building their Richmond location over the past four years,” Sierchio further added. “This was a great next chapter for WebPoint to merge their operations into Infranet.”

The resultant merger of Infranet and WebPoint forms a technology solutions company that will deliver a higher level of service for clients through combined resources, experience and access to greater technological advancements. Serving small to enterprise-level businesses across various vertical industries, the combined company has essentially doubled in revenue and employee size, to the tune of about 60 employees, while now operating from offices in Wilmington, NC; Rocky Mount, NC; Raleigh, NC; and Richmond, VA. 

There will be no changes in current personnel and additional hiring is anticipated. Infranet’s executive management team, CEO Michael Chittum and CSO John Livesay, is now joined by WebPoint’s Bill Long as the company COO and Garth Wermter as the CTO.  

“These two companies have a dynamic in what they deliver and who they deliver it to that just made perfect sense to work hard in making a deal to bring them together. As one much larger company, they have more synergy, opportunity, and scale plus the added bonus of some consolidation points as a combined entity,” said Sierchio. “Additionally, the company cultures work well together and the joined executive leadership is a very complimentary group.”

 

About Infranet Technologies Group

Headquartered in Wilmington, NC, Infranet was founded in 1998 as a network consulting company. It has grown to include expert unified collaboration, data center and cloud based solution design and architecture as well as a vast portfolio of integration and support services. In 2011, Infranet opened a second office in Raleigh, NC, to fill a need in a growing market.

 About WebPoint IT Solutions

WebPoint IT Solutions started in 1993 as Web-Point Communications, an ISP serving Rocky Mount, NC. The company served as the internal IT department for its parent company, Rawls & Winstead, Inc. In 2006 Web-Point Communications became a standalone company and in 2007 was rebranded to WebPoint IT Solutions, serving as a technology company for businesses in Eastern North Carolina. WebPoint IT Solutions serves their client base as a managed services and IT solutions provider from desktop to data center design and disaster recovery planning.

About Cogent

Cogent Growth Partners (http://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.


Posted on Aug 11, 2016