Spire Capital has made an investment in Greensboro, North Carolina-based Dynamic Quest, a managed service provider offering IT and cloud services to enterprises and businesses. No financial terms were disclosed. IT ExchangeNet provided financial advice to Dynamic Quest on the transaction. In addition to the funding, David Schaible, Andy Armstrong, Anthony Cassano and Rupali Varma will join DQ’s board of directors.
NEW YORK, June 18, 2018 /PRNewswire/ — Spire Capital, a New York based private equity firm specializing in investments in technology enabled business services, communications, media and education sectors, today announced its investment in Dynamic Quest (“DQ” or the “Company”). DQ is a managed service provider offering IT and cloud services to enterprises and businesses. Spire is partnering with CEO, Javier Gomez, who founded the Company in January 2000 and will continue to lead the organization with his management team.
This marks the seventh platform investment in Spire Capital Partners III.
DQ’s services include hosted cloud services, disaster recovery, managed IT, service plans, software maintenance and development, application support, virtual CIO and IT security services. Nearly three-fourths of the Company’s 2017 revenue was recurring with typical customer contract lengths of 1 to 3 years. In 2017, the Company serviced over 225 customers across a wide variety of market verticals.
The Company’s headquarters is in Greensboro, North Carolina and houses a data center facility that was built in 2007. The Company currently has 119 full time employees and satellite offices in Winston-Salem and Cary, North Carolina and Clark, Philippines.
“We are very excited about this new partnership with Spire Capital, as it marks a transformational phase in our organizations evolution. With Spires’ support we plan to continue forward with both organic growth as well as strategic acquisition growth over the next few years. This movement forward will allow Dynamic Quest to grow our product offerings while providing exceptional customer support to a larger client base.” said Javier.
The Company has grown consistently each year since its founding and DQ made a material investment in the last four years to service customers better by adding to its remote delivery infrastructure team in Clark, Philippines. Spire’s investment in Dynamic Quest will enable the Company to continue to expand its geographic footprint, broaden services and solutions, and provide capital for complementary acquisitions.
“Javier and his founding partners have built an incredible Company providing managed IT and cloud services to their valued partners” relayed David Schaible. “Spire Capital has been an investor in numerous cloud service / IT related companies and are proud to partner with Javier and his team during their next stage of growth. We continue to see increased demand in the marketplace for companies seeking to outsource IT and cloud related services to industry specialists, and we believe that Dynamic Quest is uniquely positioned to continue to provide exceptional technology services, while expanding their solution offerings and geographic reach for current and future customers.”
David Schaible, Andy Armstrong, Anthony Cassano and Rupali Varma will join DQ’s Board of Directors as part of the investment.
Dentons US LLP served as legal counsel to Spire Capital. IT ExchangeNet acted as exclusive financial advisor to Dynamic Quest, while Bell, Davis, & Pitt served as legal counsel to Dynamic Quest.
About Dynamic Quest
Founded in 2000, Dynamic Quest (www.dynamicquest.com) is a managed service provider for IT services to enterprises and mid-sized businesses. The Company’s services include hosted cloud services, disaster recovery, managed IT, service plans, software maintenance, 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. Founded in 2000, Dynamic Quest currently has 119 full time employees and satellite offices in Winston-Salem and Cary, North Carolina and Clark, Philippines
About Spire Capital
Spire Capital (https://www.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.