ConnectWise has been acquired by private equity firm Thoma Bravo in a deal with as-yet-undisclosed terms.
In a statement, ConnectWise said the acquisition would allow it to pursue a strategy focused on organic growth and strategic acquisitions. The deal is expected to close by the end of February.
After the transaction is completed, ConnectWise founder and CEO Arnie Bellini will transition into an advisory role, and current president and COO, Jason Magee, will become CEO of the company.
Bellini said that five years ago his firm began to look at several financing options to make the company a success. “Thoma Bravo was the clear and obvious choice over an Initial Public Offering (IPO) and seven other private equity firms,” he said.
“ConnectWise and Thoma Bravo have co-created a multi-year strategy that is aligned with our mission, vision, culture and partners. With this new relationship, we plan to accelerate our partners’ success worldwide.”
During his eight-year tenure at ConnectWise, Magee saw the company grow at a 21% cumulative annual growth rate with more than 81% growth in EBITDA. He said that success was “founded on deep interactions with our partners through our IT Nation events and peer groups”.
“We will continue to invest in our partner community and provide the solutions they need to deliver technology as a service to the world. I believe the Thoma Bravo partnership will accelerate our ability to continually develop the platform our partners need to succeed through acquisitions and innovation,” he added.
Bellini said Magee was the obvious choice as his successor, adding: “Jason has more than 20 years of deep industry experience with MSPs and VARs. Because Jason’s been in their shoes, he is committed to ConnectWise’s partners. He will continue driving the passion, culture and innovation that our partners and colleagues expect from us.”
The move sparks good news for the channel, with ConnectWise saying that partners can expect innovative cyber security solutions, advanced education, GTM tools for the as-a -service world and a more connected ecosystem to drive greater productivity and simplicity.
