Inverness Graham Begins IT Services Build
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Inverness Graham Begins IT Services Build

Inverness Graham has acquired Corsica Technologies, a provider of managed IT services. This is the first acquisition by Inverness Graham as it seeks to build-up a larger managed IT services platform.

Corsica provides managed IT services to small and medium-sized businesses. The company’s services include network security, IT project management, systems management, 24/7 help desk services, on-site services, network monitoring services, data backups and disaster recovery, and strategic IT planning. Corsica, led by CEO Dale Walls, was founded in 2003 and is headquartered in Centreville, MD with additional offices in New York, Annapolis, and Houston (www.corsicatech.com).

“To meet the ever-changing technology needs of our valued customers, we knew we needed to add critical new products and services to Corsica’s core offerings and build out our team to add important key competencies,” said Mr. Walls. “Partnering with Inverness Graham gives us the capital and the strategic and operational resources to support our growth and broaden our service offering that will continue to strengthen our bond with our customer base.”

“Inverness proactively pursued the managed IT services market due to its attractive growth, the highly recurring nature of its revenues and the ability to acquire additional capabilities through synergistic add-on acquisitions,” said Trey Sykes, a managing principal of Inverness Graham. “Corsica is differentiated through its scalable infrastructure, its repeatable model for delivering value to its clients and its best-in-class customer service which made it an ideal target to invest in as the centerpiece of our larger platform-build initiative in the space.”

Targeted add-on acquisition for Corsica will include companies with more than $5 million in revenues that provide recurring managed IT services to small and medium-sized businesses and where management is willing to re-invest in the combined company.

Inverness Graham manages $500 million in capital and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing.  Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).

Inverness Graham is currently investing out of its $283 million third fund, Inverness Graham III LP, which closed in June 2015.

© 2019 Private Equity Professional | March 28, 2019

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