The Riverside Company has agreed to invest in Winxnet Inc, a IT consulting and outsourcing firm. No financial terms were disclosed. Also, Winxnet and K&R Network Solutions have merged to form a managed IT services company. The new company, which will be based in Portland, Maine, will operate under the Winxnet name. Winxnet Co-founders Chris Claudio and Michael Williams will lead the combined company as CEO and president, respectively.
PORTLAND, Maine–(BUSINESS WIRE)–Winxnet, Inc. and K&R Network Solutions, Inc. have merged to form a coast-to-coast managed IT services company.
The new company will retain the Winxnet name and become a leading national managed service provider (MSP) with deep technical experience, IT automation, and an unparalleled strategic growth plan. The two companies were previously strategically aligned and anticipate a smooth combination of operations over the course of 2018. In addition, Winxnet has entered into a strategic investment partnership with Riverside Company to assist with its ambitious growth strategy.
Winxnet will remain headquartered in Portland, Maine, employ over 130 people between offices in Portland, Maine, San Diego, Calif., Lawrence, Mass., and Chattanooga, Tenn., and will be led by a blend of the Winxnet and K&R Network Solutions’ leadership teams. Winxnet Co-founders Chris Claudio and Michael Williams will lead the combined entity as CEO and President, respectively, and will be joined by technology and IT automation pioneer Jeremy Kurth as incoming Chief Technology Officer.
“This merger brings together two world class managed service providers with entirely complementary proficiencies around IT management and delivery. Combined with the intellectual property and IT automation software that KRNS has developed, we are poised to transform an industry, including fundamentally improving the overall client experience with IT,” said Claudio.
Kurth said the combination will enhance capabilities and service for clients of both companies and built a powerful growth platform.
“By joining forces we have expanded the current offerings to our clients, created more opportunities for our teams and created a very strong partnership for continued growth,” said Kurth.
The broader partnership with Riverside will allow Winxnet to further execute on a national expansion plan through both organic sales growth, and a pursuit of add-on acquisitions to expand offerings and capabilities for clients.
“From strategic plan development to tactical support, Winxnet truly is a one-stop shop for small- and medium-sized businesses in need of excellent IT support,” said Riverside Partner Brian Sauer.
Bowstring Advisors acted as the exclusive financial advisor to Winxnet in this transaction.
Winxnet is an IT Consulting and Outsourcing firm that has been helping organizations reduce IT costs, lower risk, and achieve greater ROI on technology initiatives since 1999. With multiple offices throughout the Eastern United States, Winxnet provides a broad reach with local expertise. For additional information, visit www.winxnet.com.
About K&R Network Solutions
Since 2001 K&R Network Solutions has been providing IT consulting and thought leadership to the San Diego, California area, with a presence in Los Angeles, California. Through a commitment to service quality and client experience, K&R provides a true end to end support experience, with specific expertise in technical integrations, IT advisory services and proactive monitoring. For more information, visit www.krns-inc.com.
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 540 transactions. The firm’s international portfolio includes more than 80 companies. (http://www.riversidecompany.com or http://www.riversideeurope.com)