PITTSBURGH, May 10, 2022 /PRNewswire/ -- Magna5, a national provider of managed IT services and a NewSpring Holdings platform company, today announced its acquisition of StableNet, a North Carolina-based managed IT service provider with clients in the manufacturing, legal and financial sectors. This is the fourth managed services acquisition for Magna5 and comes on the heels of Magna5's record 2021 and Q1 2022 organic revenue growth of over 20% year-over-year.
"We are thrilled to join a company that invests significantly in its state-of-the-art network security and a private cloud infrastructure," said Marc Hill, CEO of Stablenet. "Our customers will benefit immensely from Magna5's depth of expertise as well as its robust managed IT services offerings."
"Our clients are small to mid-size enterprises that look to Magna5 to handle their most mission-critical IT performance needs, enhance the experience of their end-users and allow them to focus their resources on activities that are strategic to their organization's business plan. Our strategy is to acquire high-quality local managed IT services providers such as Stablenet, while simultaneously investing in our team and technology as we grow to be able to provide a broad portfolio of innovative, market-leading managed IT and cybersecurity services," said Bob Farina, CEO of Magna5. "We're excited to welcome the Stablenet team to the Magna5 family and to provide their customers with added capabilities and resources. In addition, we are thrilled to expand into the growing Charlotte market as we continue to extend our footprint."
The demand for real-time cybersecurity protection, data backup/recovery, centralized network monitoring, cloud hosting and 24/7 help desk support combined with Magna5's superior service offering have the company on pace to continue record growth.
About Magna5
Magna5, a NewSpring Holdings platform, provides managed IT services, cybersecurity, private and public cloud hosting, backup and disaster recovery and other advanced IT services to mid-market and enterprise customers, including leaders within the education, healthcare, government, financial services, manufacturing, and other industry segments. Headquartered in Pittsburgh, PA, Magna5 has customers nationally.
About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.
