Spire Capital has made an investment in Dynamic Quest, a provider of IT managed services.
Dynamic Quest (DQ) provides hosted cloud services, disaster recovery, managed IT, service plans, software maintenance, application support, virtual CIO and security services. Nearly three-fourths of DQ’s 2017 revenue was recurring under customer contracts that have from one to three-year terms. In 2017, the company serviced over 225 customers across a variety of market verticals.
DQ has 119 full-time employees and a data center and headquarters in Greensboro, NC with additional offices in Winston-Salem, NC; Cary, NC; and Clark, Philippines. DQ was founded in 2000 and is led by its founder and CEO Javier Gomez (www.dynamicquest.com).
Spire is partnering with Mr. Gomez on this transaction and he will continue to lead the organization along with his existing senior management team. “We are very excited about this new partnership with Spire Capital, as it marks a transformational phase in our organization’s evolution,” said Mr. Gomez. “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.”
Spire invests from $15 million to $40 million in companies with revenues of at least $10 million and EBITDAs of $5 million. Sectors of interest include technology-enabled business services, media, communications and education. Spire is based in New York (www.spirecapital.com).
“Javier and his founding partners have built an incredible company providing managed IT and cloud services to their valued partners,” said David Schaible, a Partner at Spire. “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.”
The investment in DQ is the seventh platform investment for Spire Capital Partners III, a $333 million fund which closed in April 2015.
IT ExchangeNet (www.itexchangenet.com), an online IT marketplace, was the financial advisor to Dynamic Quest.
© 2018 Private Equity Professional | June 19, 2018
