The 20 MSP continues national expansion with acquisition of iCoreConnect's healthcare-focused managed IT services division.
PLANO, Texas, Oct. 1, 2024 /PRNewswire-PRWeb/ -- Leading managed service provider (MSP), The 20 MSP, today announced its acquisition of iCoreIT, the managed IT services division of iCoreConnect (NASDAQ: ICCT), a cloud-based software and technology company serving the enterprise and healthcare sectors.
As The 20 MSP solidifies its national footprint, the company is broadening its M&A focus beyond geographic expansion to include additional goals, such as strengthening expertise and proficiency in key markets and industries. With the integration of iCoreIT, The 20 MSP seeks to bolster its presence in the healthcare sector and offer more specialized services to optimize workflows for medical and dental practices. The 20 is pleased to announce that while iCoreIT's leadership will remain with iCoreConnect, the employees of the managed services division will be joining The 20, ensuring the retention of valuable talent and expertise.
Tim Conkle, The 20 MSP's founder and CEO, commented on the strategic value this latest deal holds.
"When it comes to tailoring managed IT services and solutions to the unique demands of healthcare providers, iCoreIT is at the forefront of things," Conkle remarked. "Bringing them on board puts us in a very exciting position to give clients operating in that world a distinct competitive edge with tools and solutions crafted with their exact pain points and workflows in mind. We're talking about delivering industry-leading innovation, security, and compliance services to a sector that critically needs help with these things."
While The 20 MSP's end game remains the same – building a premier national MSP with unmatched scale – its M&A strategy has evolved since getting underway in 2022. Initially, The 20's search for acquisition candidates was confined to "member MSPs" – MSPs belonging to The 20's growth platform, The 20 MSP Group. This strategy enabled rapid expansion and relatively seamless integrations, while bypassing some of the friction and attrition that can undermine M&A deals. Recently, however, The 20 MSP began to cast its net wider to include non-member MSPs, such as iCoreIT.
"We've completed our initial push into the M&A space with a flurry of MSP member acquisitions over two years, and now we're ready to start zeroing in on more specific goals and targets, which will sometimes mean going outside the group," shared Conkle. "Our goal was never just to be big. We want to be big, but also, really, really good – and our M&A plans will continue to evolve to accommodate both of these objectives."
Integrating the managed services division of iCoreConnect, a publicly traded company (NASDAQ: ICCT), followed a rigorous process to protect shareholders and maintain transparency. The 20 MSP was pleased with the ease of the transition and how well their acquisition framework held up under increased scrutiny and oversight.
Pinecrest Capital Partners served as the exclusive financial advisor to The 20 MSP on the acquisitions. Texas-based Sunflower Bank, acting as sole lead arranger in a syndicated credit facility for The 20 MSP, provided the funding tranche.
About The 20 MSP
As a leading provider of managed IT services, The 20 MSP serves thousands of businesses nationwide, providing each one with white-glove service, secure and streamlined IT infrastructure, and 24/7/365 support. We believe in building lasting relationships with clients founded on trust, communication, and the delivery of high-value services for a fair and predictable price. Our clients' success is our success, and we are committed to helping each and every organization we serve leverage technology to secure a competitive advantage and achieve new growth. To learn more, visit the20msp.com.
About The 20 MSP Group
The 20 MSP Group is an exclusive consortium for Managed Service Providers (MSP) aimed at dominating and revolutionizing the IT industry with its standardized all-in-one approach. The 20's robust RMM, PSA, and documentation platform ensures superior service for its MSPs' clients utilizing their completely US-based Help Desk and Network Operations Center. Extending beyond proven tools and processes, The 20 touts a proven sales model, a community of industry-leading MSPs, and ultimate scalability. To learn more, visit the20.com.
Media Contact
Crystal Conkle, The 20, 9724610880, [email protected], https://www.the20msp.com
SOURCE The 20
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