San Francisco-based managed IT and software company Evergreen Services Group has bought A/NZ managed service provider Lancom Technology.
Evergreen, which described itself as a "family of leading managed services and software companies", now boasts more than 70 acquisitions.
The buyout of Auckland-based Lancom, however, marked its first expansion into the Australia and New Zealand MSP technology space after Lancom opened a Melbourne office in August 2020.
“It was apparent from the get-go that this acquisition would act as a catalyst, not just facilitating mutual growth, but also fostering shared values and a forward-thinking approach to innovation," said Ramsey Sahyoun, head of mergers and acquisitions at Evergreen.
“Evergreen’s strategic vision aligns seamlessly with Lancom’s existing commitment to technological innovation.”
Established in 1988 and now an advanced Amazon Web Services (AWS) and Microsoft solutions partner, Lancom specialises in software development, cloud services, managed services and business process automation.
“For over three decades Lancom has been cultivating and nurturing our talent and what appealed to us most about this acquisition was Evergreen’s commitment to preserving our team’s expertise rather than replacing it,” said Waruna Kirimetiyawa, CEO at Lancom Technology.
“Because of Evergreen’s ability to offer continuity within our organisation, it only took us three weeks to decide that they were the right partner for us.”
The deal provided Lancom with an opportunity to capitalise on Evergreen’s global network and resources and add more depth to its growing cloud and software solutions.
It also helped Lancom to expand into new markets, enhance its competitive edge and to drive collaboration, innovation and growth.
Evergreen is backed by capital from San Francisco-based private equity player Alpine Investors. It targets businesses that have at least US$500,000 of EBITDA and at least 50 per cent recurring revenue.