"SinglePoint was embracing a similar strategy as our company. And after four successful acquisitions, they determined that joining forces with Bluewave to create a leading national IT advisory business was a better strategy than going it alone," said Seth Penland, Founder and CEO of Bluewave.
PARSIPANNY, N.J. (PRWEB) February 06, 2023
Bluewave Technology Group, LLC ("Bluewave"), a strategic, high-growth technology advisory and lifecycle management company, today announced that it has acquired Single Point Communications Group, LLC ("SinglePoint"), a Louisville technology consulting and advisory agency. This transaction further expands the company's footprint in Louisville following the announcement of Virtual Telecomm, making it the most significant IT advisory firm in the region. Bluewave now has over 140 employees and offices throughout the U.S., serving over 6,000 clients.
SinglePoint has a rich history in IT advisory, having been formed in 2016 when Soterra Capital, an investment and asset management firm, acquired Kentucky-based SinglePoint Solutions and Palladium Communications Group. To expand its footprint, SinglePoint acquired two leading IT agencies in 2021: Engaged Pro, based in Louisville, Kentucky, and Sky Technology Partners in Wayne, New Jersey. In 2022, the company acquired SinglePoint Solutions of Central Kentucky, another IT agency based in Lexington, Kentucky. The combined entity operated under the SinglePoint Solutions brand, providing an enhanced single-point-of-contact experience to support their clients' long-term IT solutions, sourcing, and service needs.
With deep IT specialization capabilities in the healthcare industry and a strong track record of delivering value and driving cost savings to customers in retail, logistics, banking, and finance segments, SinglePoint has built trusted partnerships with enterprise clients. SinglePoint has focused on optimizing critical infrastructure and applications through its expertise in building and executing high-value cloud computing, Disaster Recovery as a Service (DRaaS), and data center solutions for clients with mission-critical needs.
"Soterra is a unique, long-term focused, family-office-backed sponsor that had no interest in selling SinglePoint," said Jeremy Carter, Managing Partner at Soterra. "Our expectations and plan were for SinglePoint to be a near-permanent hold, but as we came to understand Bluewave's strategy and team, we realized we have a similar view of this market and how to best position for the future. By coming together with Bluewave, we decided that we could generate more value with lower risk for our team and owners and deliver a better experience to our customers. We are excited and eager to continue transforming this industry together."
"The Bluewave team shares our DNA of ensuring that customer outcomes are top of mind," said Nic Jones, President of SinglePoint. "As we envisioned all of us as one team, it became apparent that our people and clients would greatly benefit by locking arms with Bluewave to lead customers through the IT procurement landscape moving forward. The added scale and expertise will bring significant value to clients as we look to disrupt and set a new standard for IT procurement and consulting."
"SinglePoint was embracing a similar strategy as our company. And after four successful acquisitions, Soterra determined that joining forces with Bluewave to create a leading national IT advisory business was a better strategy than going it alone," said Seth Penland, Founder and CEO of Bluewave. "With SinglePoint, we are strengthening our presence in Kentucky, New York, and New Jersey. And we are doubling down on our enterprise focus with investments in experienced technologists who are vital in enabling organizations to stay ahead in the fast-changing market."
The acquisition of SinglePoint further enhances the level of support Bluewave delivers to clients while expanding its portfolio of IT advisory expertise and capabilities. It marks an essential milestone in the company's aggressive growth plan with Columbia Capital, a sector-focused investment firm with investments in enterprise IT, digital infrastructure, and mobility, to build a national technology advisory services provider. The financial terms of this transaction were not disclosed. Following this transaction, Soterra will continue to work with Bluewave to leverage relationships to broaden the Bluewave ecosystem, and Nic Jones will be joining Bluewave as Vice President of Sales.
About Bluewave Technology Group
Bluewave is a premier technology advisory and lifecycle management company with a comprehensive approach to optimizing clients' ability to grow revenue, reduce costs, and improve efficiency. Bluewave streamlines the technology buying and management process for businesses of all sizes across the United States with four key services: Technology Evaluation, Strategic Sourcing, Expense Management, and Operations Support. Specializing in modernizing the IT and telecom infrastructure, Bluewave partners with proven cloud, network, security, and collaboration service providers to develop the best solution while maximizing the clients' technology investment. Learn more at http://www.bluewave.net.
About SinglePoint Solutions
SinglePoint Solutions was founded in 1999 and is headquartered in Louisville, Kentucky. It operates as a technology solutions consultant that serves medium-sized enterprises. The company offers comprehensive technology audits and sells a broad array of communications, connectivity, security, and data services custom-architected to meet customers' needs and deliver substantial cost savings.
About Soterra Capital
Soterra Capital is a private investment firm with offices in Austin, Texas, and Louisville, Kentucky. The firm takes a fundamental, long-term investment approach, focused on private companies in the lower middle market with capable management teams, strong operations, and a commitment to excellence, integrity, family, and faith. The managing partners are Mark Franco and Jeremy Carter. For more information, visit Soterra's website at https://www.soterracap.com/about-us.