Coretelligent, LLC. and VSS Announce Acquisition of Soundshore Technology Group, Further Expanding Upon Robust Financial Services Portfolio
WESTWOOD, Mass.--(BUSINESS WIRE)--Nov 4, 2020--
Coretelligent, a leading provider of comprehensive managed IT, security and unified cloud management services, and a portfolio company of VSS Capital Partners (“VSS”), a private investment firm, today jointly announced the acquisition of managed services IT firm Soundshore Technology Group. Financial terms of the private transaction were not disclosed.
Soundshore Technology Group (STG) brings over 22 years of experience supporting alternative investment firms in Connecticut, New York City and Los Angeles. STG acts as the managed service provider for over 70 hedge funds, private equity/VCs, RIA firms and Family Offices nationwide.
“We’re delighted to welcome the Soundshore team and their world-class clientele to the Coretelligent family. The shared commitment to delivering a superlative IT experience to our collective clients made bringing the two firms together a natural decision,” said Coretelligent Founder, President, and CEO, Kevin J. Routhier. “The acquisition of STG greatly compliments and further strengthens Coretelligent’s iron-clad platform and unparalleled expertise in the Financial Services Sector.”
The acquisition brings the two organizations collectively under the name Coretelligent, resulting in an expanded base of over 200 full-time employees, and over 500 clients nationwide.
“With our acquisition through Coretelligent, we’ll be able to provide our client base enhanced solutions and offerings, strengthening the combined companies’ positioning for future success,” stated Eric Benda, Managing Partner, Soundshore. “We’re confident Coretelligent’s White Glove approach will bolster our successes within the financial services vertical and beyond.”
“Soundshore’s focus of serving the financial services vertical industry aligns naturally with Coretelligent’s client portfolio,” said Trent Hickman, Managing Director, VSS. “This acquisition further exemplifies VSS’s focus of investing and building value by leveraging suitable growth opportunities that are additive to the platform company. We are thrilled to see Coretelligent’s significant growth through expansion over the past 18 months, and are looking forward to building on to to-date successes.”
VSS has substantial experience investing in lower middle-market companies, including information technology businesses where the firm’s flexible capital approach to investing can be used to support growth through strategic acquisitions and other transactions. VSS invested in Coretelligent in October 2016. The acquisition of Soundshore marks Coretelligent’s third acquisition in the past 18 months, having previously acquired United Technology Group, LLC., out of Atlanta, and SoundView IT Solutions, LLC., out of Stamford, CT.
About Coretelligent
Coretelligent is a leading provider of comprehensive managed IT, security, and unified cloud management services, enabling organizations to seamlessly power and successfully grow their businesses. Founded in 2006 and led by world-class experts, Coretelligent’s key White Glove services – Managed IT, Security and Compliance, Cloud Management and Backup and Disaster Recovery – are relied on by top-tier organizations in the financial services, life sciences, legal, and technology industries among others. The organization is recognized as leaders by the Boston Business Journal, CRN, Inc., MSPmentor, and the U.S. Chamber of Commerce. Coretelligent’s headquarters are located in Westwood, Mass., with strategic offices located nationally in New York City, Philadelphia, Atlanta, Stamford, Scarborough, and the San Francisco Bay area. For more information, please visit www.coretelligent.com or follow us on Twitter, Facebook & LinkedIn.
About VSS
VSS is a private investment firm that invests in the information, education, healthcare, and tech-enabled business services industries. Headquartered in New York, VSS provides capital for growth financings, recapitalizations, strategic acquisitions, and buyouts to lower middle-market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately-negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 88 portfolio, with over 350 add-on acquisitions, and manages $3.5 billion in aggregate committed capital across 7 funds. For more information, please visit www.vss.com.
About Soundshore Technology Group
Soundshore Technology Group is a leading provider of IT services to hedge funds, private equity and other alternative investment firms. Founded in 1998, STG has spent over 17 years providing financial services companies IT Consulting and Solutions. Headquartered in Greenwich, CT with operations in Stamford, CT, New York City, Los Angeles and San Francisco, Soundshore is uniquely situated to consult and implement all facets of the unique demands of their customer’s technology. Visit www.soundshore.net for more information.
View source version on businesswire.com:https://www.businesswire.com/n...e/20201104005079/en/
CONTACT: Press Contact for Coretelligent:
Alexandra Newman
Phone: (781) 247-4935
ANewman@core.techPress Contact for VSS:
Katrin Lieberwirth
Stanton
646-502-3548