NEW YORK CITY, Jan. 6, 2016 (GLOBE NEWSWIRE) -- Presidio, a leading national provider of professional and managed services for advanced IT solutions, announced today that it has entered into a definitive purchase agreement to acquire the business of Netech Corporation.
Netech is a privately held, family owned, IT services and solutions integrator with revenues in excess of $300 million. It was founded 19 years ago by James Engen and is headquartered in Grand Rapids, Michigan. Netech's 11 offices throughout the Midwestern United States create a regional footprint that is leveraged to deliver core offerings to customers such as design, integration and optimization of data center and cloud, network and physical security, collaboration, and enterprise networking solutions. Those customers represent a broad variety of segments and industries including healthcare, government, and education. Customers benefit from Netech's service centric approach that is supported by more than 430 employees and almost 200 engineers who hold over 1,200 technical certifications. Netech is recognized as one of Cisco's top regional partners based on its performance in Michigan, Illinois, Indiana, Wisconsin, Ohio, and Pennsylvania.
"Netech has had an exceptional growth record over 19 years, a proven track record of performance and is strongly aligned with our business model, our core competencies and our corporate values," stated Bob Cagnazzi, Chief Executive Officer of Presidio. "The addition of Netech will provide Presidio with a well-established, high-performing team in an important geographic area where Presidio lacks scale, and a loyal client base that can benefit from our national offerings. IT continues to become both more complex and more critical to a business's success. Presidio has the scale and depth of expertise, across a broad set of IT disciplines, to converge and integrate solutions that will complement and grow Netech's business."
"We are excited to announce this transaction with Presidio," stated James Engen, Chief Executive Officer of Netech. "Culture is very important within our company and we feel that Presidio will continue to maintain that culture and value system. "Presidio is a national leader in our industry and we see incredible opportunities combining our organizations. Presidio's scale will enable this team to further grow and expand our offerings and create value for our clients. Presidio has mature offerings in cyber security, cloud and IoT (Internet of Things) that are additive to our portfolio." The business has been owned by Engen's son-in-law, Mark Wierenga and sons Tim and Ryan. Engen and his two sons, Timothy and Ryan will be leaving the company to pursue other business interests.
The Netech acquisition will create Presidio's sixth geographic Area, becoming Presidio North Central Area. Mark Wierenga will be North Central Area President reporting to Presidio's Chief Executive Officer, Bob Cagnazzi. As Netech's EVP of Sales and Operations, Wierenga has a long tenure with the company and is intimately familiar with its operations and business. The agreement is the second recent acquisition announced from Presidio, having closed the acquisition of Sequoia Worldwide to create a dedicated cloud practice in November 2015. Presidio expects to close the transaction with Netech during calendar Q1 2016.
Presidio is the leading provider of professional and managed services for advanced IT solutions. By taking the time to deeply understand how our clients define success, we architect enduring technology solutions that address their business needs. Our approach blends the credibility to deliver practical results today, with the creativity to drive the business visions of tomorrow. More than 2,400 Presidio IT professionals, 1,500 of which are engineers with over 2,000 industry leading certifications, are based in 55+ offices across the US. We serve our clients through a unique, local delivery model while capitalizing on our scale as a multi-billion dollar industry leader. We are passionate about driving results for our clients and delivering the highest quality of service in the industry. Presidio is owned by funds affiliated with Apollo Global Management, LLC (NYSE:APO). For more information visit: www.presidio.com.
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