Thrive, a leading provider of next generation managed services, proudly announced today that they've completed the acquisition of Precision IT, a highly respected New York City based managed services provider (MSP). Precision IT provides Thrive with instant credibility in the New York Tri-State area, a financial services driven practice with extensive technical, compliance-management capabilities and a much deeper engineering base of talent for supporting the combined customer-base. Led by CEO Marc Pantoni, Precision IT has grown to become a well-respected and recognized MSP in New York City and the surrounding region. Precision IT's service portfolio includes a consultative approach to the provision of managed services, cloud hosting, backup, disaster recovery solutions, project management, asset management and procurement services.
"Thrive is pleased to welcome Precision IT to our family. This addition is a win-win for both companies and our customers, adding an extensive track record of supporting the financial services sector to Thrive, as well as a deeper cyber security and public and private cloud management platform to Precision IT's New York-based clientele," said Rob Stephenson, Thrive CEO.
The merger of these two companies now forms one of the largest managed services providers in the Northeast United States with nearly 200 employees.
"On behalf of everyone at Precision IT, I'm very excited about this opportunity to join one of the most respected and capable technology advisory firms in our region," said Marc Pantoni, Precision IT's CEO. "The additional cyber security and cloud services expertise that Thrive can offer to our customers is one of the driving factors for combining our companies and creating a more comprehensive MSP platform."
Mr. Pantoni will become Thrive's Chief Strategy Officer, a Board Director and the Managing Partner for New York Operations. In December of 2016, private equity firm M/C Partners announced that they had closed on the acquisitions of Thrive Networks and Corporate IT Solutions. Today, Precision IT now becomes the third member to join the Thrive platform within the past year.
"M/C Partners continues to be extremely bullish on the managed services industry. As a result, we're pleased to finalize the Precision IT deal with Thrive to form a stronger technology services company for our customers," said Gillis Cashman, Thrive Chairman and a Managing Partner at M/C Partners. "Precision IT complements Thrive perfectly, creating deeper geographic, product set and financial services sector coverage."
Thrive is a leading next generation managed services provider. The Thrive technology solutions suite utilizes Cloud, Cyber Security, Networking, Disaster Recovery and other pioneering managed services to help compliance-driven businesses solve complex IT issues. Founded in 2001, Thrive's mandate is to provide exceptional support though its advanced MSP tools, highly trained engineering teams and a fervent dedication to customer success. Thrive was acquired by M/C Partners (www.mcpartners.com) in 2016 as a Northeast United States growth platform to service the Finance, Healthcare, Biotech, Insurance, E-Commerce and Educational verticals. In developing this new technology services ecosystem, Thrive will be uniquely positioned to offer compliance-based solutions to its vertically focused client base.
About Precision IT Group
Recognized as a top MSP, both nationally and internationally, Precision IT relies on less automation and more personalized service. Precision provides a wide range of expertly engineered solutions and information technology to SMB and enterprise clients. Precision IT Group's service portfolio includes a consultative approach to the provision of managed IT services, cloud hosting, backup and disaster recovery solutions, project management, asset management and procurement services.
Precision IT spoils every customer with the personal touch of a small, devoted support team and 24×7 helpdesk. Because the company recruits not only masterful technical skills, but also seeks well-rounded business professionals, the sophisticated culture of the company is appreciated by clients who welcome the Precision staff into their office. This symbiotic relationship between excellent corporate culture and a high level of technical skills is what makes Precision IT one of the most highly regarded and respected information technology consulting firms in the industry.
Precision IT is headquartered in New York City.
About M/C Partners
M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $2.2 billion of capital into nearly 100 companies in those sectors. Companies M/C has backed include Cavalier Telephone, Denovo, Ensono, Everstream, Fusepoint, ICG Communications, Involta, Legendary Pictures, Lightower, MetroPCS, NuVox, and Zayo Group. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. M/C Partners has offices in Boston and San Francisco. For more information, visit www.mcpartners.com.