Fastech Investment Group, a portfolio company of NewSpring Capital, has agreed to acquire Transcend Communications, a Minneapolis-based reseller and integrator of IP telephony, network & video solutions. No financial terms were disclosed for the deal, which is expected to close by month’s end.
Transcend Communications, a Minneapolis, Minnesota based reseller and integrator of IP telephony, network & video solutions today announced it has signed a Letter of Intent to be acquired by Philadelphia, PA based Fastech Investment Group backed by NewSpring Capital, also of Philadelphia.
With over 3,000 customers and focused on ShoreTel and Avaya system implementations, Transcend expects the acquisition by Fastech to be a catalyst for accelerated growth and expansion. Transcend’s customers can expect to see the same management and support team that has enabled Transcend to achieve some of the industry’s highest customer satisfaction scores.
“ShoreTel is very excited about the new partnership between Transcend and Fastech Investments,” said John W. Combs, chairman and chief executive officer of ShoreTel. “This acquisition provides Transcend with the necessary capital to expand their very successful regional business nationally over time. George Demou (President and CEO of Transcend) and his team have built a successful model that can be methodically expanded beyond their current Midwest focus.”
Fastech, a leading provider of information technology services, chose Transcend as its lead acquisition in the IP Telephony solution space. “We believe the Transcend organization is a proven winner focused on the rapidly growing IP telephony market, with a seasoned sales and support team. We are looking to capitalize on their strong market position, their experienced management team, and galvanized customer relationships,” said Fastech CEO Rick Hirsh.
“Linking up with Fastech addresses our two key strategic goals,” according to George Demou, Transcend CEO. “We were in search of a partner that would ensure our customers would receive the world class customer satisfaction that they have come to expect from Transcend. Beyond that, we wanted to join forces with a group that shares our vision for expanding our IT services scope and market reach.”
Terms of the transaction were not disclosed. The transaction is expected to close by September 30, 2009.
About Transcend Communications
Transcend has been implementing communication systems since 1984 and has over 3,000 customers with deployments in 35 States and 5 countries. By definition, we are a Value-Added Reseller (VAR) and systems integrator that designs, develops, deploys and supports IP telephony and Internetworking solutions. By reputation, we are known for providing world class customer satisfaction; the company finished 2008 with a rating of 97.24%! For more information on Transcend, visit www.transcendinc.net