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PE-backed Upstack buys Meridian Network Services

Upstack, which is backed by Berkshire Partners, has acquired California-based Meridian Network Services, a full-service telecommunications agency serving both small-to-medium businesses and enterprises.

Upstack, which is backed by Berkshire Partners, has acquired California-based Meridian Network Services, a full-service telecommunications agency serving both small-to-medium businesses and enterprises. No financial terms were disclosed. Upstack is also backed by MidCap Financial and Morgan Stanley Private Credit.

PRESS RELEASE

NEW YORK – March 24, 2022 – UPSTACK, a fast-growing platform that transforms the way businesses design and select internet infrastructure solutions, announced today that it acquired Meridian Network Services, a full-service telecommunications agency serving both small-to-medium businesses (SMBs) and enterprises. The terms of the transaction were not disclosed.

The investment in California-based Meridian is part of UPSTACK’s strategy to accelerate the growth of its industry-transforming platform, which combines leading internet infrastructure advisors with proprietary software and support resources. Building on an earlier equity investment from Berkshire Partners, UPSTACK 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.

Meridian Network Services Founder and President Stacey Dupree will join UPSTACK as a Partner.

“Stacey Dupree is a seasoned infrastructure professional dedicated to providing full-service solutions to a diverse client base,” said UPSTACK CEO Christopher Trapp. “Her knowledge of the industry–both the players and the technology–as well as her depth of experience, business acumen and exemplary customer service make Stacey and Meridian great additions to the UPSTACK team.”

Dupree began her telecom career working for Cable and Wireless, starting first in San Francisco before moving to Florida to take over as regional manager in a flagging region. In just two years, she led her group from last to first place. After time with Espire as Director of CLECs (competitive local exchange carrier), she returned home to California to be VP of Sales for Paetec West (now Windstream). When the dot-com bubble burst, Dupree chose to leave Paetec and founded Meridian after a brief hiatus.

“Our service, our skill at negotiating, and our industry knowledge set us apart; we know how to get things done for our clients, whether they are SMBs or enterprise,” Dupree said. “We have many long-tenured clients who look to our team as a seamless part of their own and value what we bring to the table. Joining UPSTACK allows me to serve my existing clients better, to grow the business in new ways, and to share best practices with leaders in the field.”

Meridian was formed in 2001 by Dupree as a full-service telecommunications agency–conducting audits, negotiating contracts, managing implementations of network projects, and servicing clients. The Meridian team provided the much-needed additional workforce to in-house IT departments without the overhead.

With proven growth and success behind it, Meridian was courted by several firms to sell or merge. Dupree ultimately chose UPSTACK because of its similar vision and dedication to customer service and the chance to remain part of the company.

“I didn’t want to walk away from my customers; I wanted to offer them more in terms of resources and service that I just couldn’t build out on my own,” said Dupree. “Joining UPSTACK and having the resources of a skilled back-office and marketing department will bring enormous benefit to Meridian’s clients.

About Meridian Network Services
Founded in 2001 by telecommunications industry sales and executive Stacey Dupree, Meridian Network Services is a full-service agency–grounded in technical knowledge, carrier relationships, and industry experience–dedicated to providing exceptional customer care to SMBs and large enterprises. Services include negotiating, procurement, implementation support, auditing, expense management, and post-sale, continued customer support. For more information, visit www.meridiannetworkservices.com/