New York company acquires $300M IT firm
The Big Apple has taken a bite of the area’s talent.
New York-based Presidio, a national provider of professional and managed services for advanced IT solutions, said yesterday that it has acquired Caledonia-based Netech Corporation, a family owned IT services and solutions integrator.
Netech was founded in 1996, has 11 offices throughout the Midwest and has revenue “in excess of $300 million.”
"Netech has had an exceptional growth record over 19 years, a proven track record of performance and is strongly aligned with our business model, our core competencies and our corporate values," said Bob Cagnazzi, CEO, Presidio.
"The addition of Netech will provide Presidio with a well-established, high-performing team in an important geographic area where Presidio lacks scale and a loyal client base that can benefit from our national offerings. IT continues to become both more complex and more critical to a business's success. Presidio has the scale and depth of expertise, across a broad set of IT disciplines, to converge and integrate solutions that will complement and grow Netech's business."
James Engen, CEO and founder of Netech, said his firm is excited about the transaction.
The business has been owned Engen’s son-in-law, Mark Wierenga, and Engen’s sons, Tim and Ryan. Engen and his sons are now leaving the company “to pursue other business interests.”
Presidio hopes to complete the Netech transaction by the end of the first quarter.
Netech will mark Presidio's sixth geographic area and become Presidio North Central Area.
Wierenga will be Presidio North Central Area president, and he will report to Cagnazzi.
"Culture is very important within our company, and we feel that Presidio will continue to maintain that culture and value system,” Engen said. "Presidio is a national leader in our industry, and we see incredible opportunities combining our organizations.
“Presidio's scale will enable this team to further grow and expand our offerings and create value for our clients. Presidio has mature offerings in cyber security, cloud and IoT (Internet of Things) that are additive to our portfolio."