Salt Creek Capital has just acquired IT Assist. The acquisition was
IT Assist, founded in 2011, is a market leader in outsourced managed IT services. The company’s services include cloud computing, data backup, disaster recovery, business continuity, and IT solutions for mixed Windows PC and Apple Macintosh environments. Additionally, the company is a TeamLogic IT franchise operator in Philadelphia, Pennsylvania. They are based in Newton, Pennsylvania, and manage 11 territories in the greater Philadelphia and southern New Jersey metro areas.
The company was founded by Stewart and Nancy Paul, who have a proven track record of success. Last September, for the second year in a row, they received the Top Volume award for top revenue producing business in the entire TeamLogic IT franchise network. Their other accolades include Franchisee of the Year in 2015, and the Volume Increase Percentage (VIP) award in 2016 due to 42 percent growth and a revenue increase of $1 million. The couple have seen revenue increase each year since opening. Their strategy is to focus on their managed IT services, as they make up their fastest growing element, and they also hope to provide other services across industries. Managed IT services and projects for those companies make up over 60 percent of IT Assist’s business.
The company recently hired new CEO Pratik Roychoudhury. Roychoudhury previously ran Concertium, another managed IT services company, and Mylatch, an online hub for connecting job-seekers and employers. Concurrent to his time with Concertium, he also founded and served as CEO of Captain’s Chair, a business management dashboard for MSPs.
Salt Creek Capital is a private equity firm based in the San Francisco Bay Area that works with top operating executives to acquire profitable small businesses with up to $100 million in revenue. Their investments span the manufacturing, distribution, and service sectors. Additionally, they specialize in companies that could benefit from new management.
Since May, M&A activity in the IT services market has begun to speed up again, after stagnating when the COVID-19 pandemic emerged.
