Dynamic Quest, which is backed by Spire Capital, has acquired Greensboro, North Carolina-based Carolina Networks, a managed service provider. No financial terms were disclosed.
PRESS RELEASE
GREENSBORO, N.C., Jan. 7, 2019 /PRNewswire/ — Dynamic Quest, a managed service provider offering IT and cloud services to enterprises and businesses, completed the acquisition of Carolina Networks (“CNI”), a Greensboro, North Carolina based managed service provider.
Founded in 1995, CNI offers managed IT, disaster recovery and hosting services to small and medium sized businesses across a wide variety of verticals. Approximately 60% of CNI’s revenue is recurring with a strong, loyal customer base. CNI President Susan Parrish will join the Dynamic Quest team as Client Engagement Manager.
“We are thrilled to be joining Dynamic Quest. We have always had a lot of respect for Dynamic Quest and believe that our current customers will benefit from leveraging Dynamic Quest’s infrastructure, broader solution set and scale. We are looking forward to this next phase of growth together,” said Susan Parrish.
The transaction will enhance Dynamic Quest’s market share in North Carolina and provide the ability to cross-sell some services to CNI’s customer base that are not currently offered. Dynamic Quest will look to leverage its infrastructure including its data center, Philippines remote delivery team and sales and marketing initiatives to enhance service solutions for end clients and accelerate growth.
Javier Gomez, CEO of Dynamic Quest relayed, “We are extremely excited about this new merging of Carolina Networks into our Dynamic Quest family. Carolina Networks has grown over the years to have a very solid client base and an even stronger reputation of being a customer focused and dependable team to support IT needs. We are very fortunate to have the Carolina Networks’ team join our growing family.”
About Spire Capital
Spire Capital (https://spirecapital.com/) is an active and experienced private equity firm with an investment focus in small market companies within the technology enabled business services, media, communications and education sectors. Spire Capital was founded on the principle of partnering with management teams and founders to help effectuate the next stage of growth for their companies. Spire professionals have a broad array of past operating, investing and advisory experiences they leverage to help portfolio companies accelerate growth, guide strategic direction and execute their business plan. Spire Capital is a New York-based investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.
About Dynamic Quest
Founded in 2000, Dynamic Quest is a managed service provider for IT services to enterprises and mid-sized businesses. Dynamic Quest offers a broad set of services including hosted cloud services, disaster recovery, managed IT, service plans, application support, virtual CIO and security services. The Company’s headquarters is in Greensboro, North Carolina and houses a data center facility that was built in 2007. Dynamic Quest currently has satellite offices in Winston-Salem and Cary, North Carolina, Marietta, Georgia and Clark, Philippines. For more information, visit https://dynamicquest.com/.
About Carolina Networks
Founded in 1995 and based in Greensboro, North Carolina, Carolina Networks is a managed service provider for IT services to small to medium sized businesses. For more information about CNI, visit the company website http://cnetnc.com/.
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