Upstack, which is backed by Berkshire Partners, MidCap Financial and Morgan Stanley Private Credit, has acquired Subsidium Technologies, a telecommunications agency. No financial terms were disclosed.
NEW YORK (PRWEB) FEBRUARY 24, 2022
UPSTACK, the fast-growing platform that transforms the way businesses design and select internet infrastructure solutions, announced today that it has acquired Subsidium Technologies Inc., a leading telecommunications agency specializing in communication, network connectivity, cloud and collaboration technology. Terms of the transaction were not disclosed.
UPSTACK’s investment is part of the company’s strategy to further expand its industry-transforming platform, which combines leading cloud and internet infrastructure advisors with proprietary software and support resources. Building on an earlier equity investment from Berkshire Partners, UPSTACK recently secured $100 million in financing from MidCap Financial and Morgan Stanley Private Credit to further scale its platform through technology expansion and strategic partner investments.
Subsidium’s CEO John Bova and COO Ed Degenhart will join UPSTACK as Partners and Managing Directors along with additional members of the Subsidium team.
“Subsidium has delivered technology solutions to businesses for two decades with a concierge approach that’s a perfect match with UPSTACK’s vision for helping businesses more successfully source technology solutions that work for their specific needs,” said Christopher Trapp, CEO of UPSTACK. “We’re proud to welcome John Bova, Ed Degenhart and the Subsidium team to the UPSTACK family.”
Subsidium Technologies was founded in 2002 by Degenhart and Bova to provide highly customized telecom and technology solutions to regional and national clients. Bova, then an experienced telecom sales rep at Cable & Wireless and Worldcom, formed an agency in 1995 before teaming up with Degenhart, who sold IT solutions for vendors, such as Qwest Communications and IKON Technology Services. The pair worked on the same client accounts and found they shared a similar vision for providing customers with unmatched expertise and service.
“We wanted to provide the best solutions for customers instead of working within the boundaries of our employers’ services,” said Degenhart. “As independent agents, we had the versatility and vendor diversity to put custom packages together for our clients.”
“Ed and I started this business with the dream of becoming successful while providing the best possible service to our customers,” said Bova. “We’re excited to continue this journey with UPSTACK who has a shared vision of exemplary service and continued growth. UPSTACK has earned a great, nationally known reputation, and we’re proud to be a part of the team.”
About Subsidium Technologies
Subsidium Technologies Inc., headquartered in Clifton Park, N.Y., is one of the nation’s leading technology services agencies focused on helping clients purchase, design, implement, and manage reliable and affordable communications networks. As a single resource for all major network service providers, Sudsidium takes customers through selection, design, project-managed implementation and unparalleled support. Subsidium, through a portfolio of more than 40 service providers, delivers best-in-class solutions tailored to meet the needs of businesses across a variety of sectors. Please visit http://www.subsidiumtech.com for more information.