Two summers ago, Wayne, Pa.-based cloud services company Evolve IP got a big infusion of capital (which was reported to be in the $100-million range) from Boston-based private equity firm VC Great Hill Partners.
The influx of cash — a majority investment in the company, then a team of 200 — was aimed at growing the Main Line firm both organically and through acquisitions. On Friday, Evolve IP announced it bought Minnesota-based communications firm AiTech, marking the 14th acquisition in its history and boosting the headcount to 400.
“We are thrilled to welcome AiTech and their clients to the Evolve IP family,” said CEO Guy Fardone. “The talented team in Minnesota will play a significant role in our successful expansion in the Midwest region of the United States; both in terms of sales, as well as carrying on their tradition of client support excellence. Our associates around the world are looking forward to their contributions.”
AiTech, founded in 1993, currently offers some 500 corporate clients unified communication services. There are synergies in technology: AiTech clients, after the acquisition, will be able to get access to Evolve IP’s integrated cloud computing services.
“We are incredibly happy to be joining Evolve IP and for the opportunities it provides for our associates and clients,” said Greg Lohrenz, founder and CEO of AiTech. “Evolve IP’s OneCloud platform, with contact center, cloud computing, and identity and access management, fits perfectly with our clients’ push to the cloud and with our partners’ desires to provide even more services to their base of customers. We’re looking forward to driving tremendous growth in Midwest with Evolve IP.”
No financial terms were immediately disclosed, but the deal added 20 staffers to the Evolve IP team.