MSP Thrive Networks is buying Infrastructure-as-a-Service MSP InfoHedge Technologies, which will become a dedicated cloud hosting division within the company.
InfoHedge Technologies, which largely caters to the financial services community, will expand its application hosting solutions for investment and hedge fund management through Thrive Networks' own managed services platform, and with backing from M/C Partners, Thrive Networks' private equity financial sponsor.
Thrive Networks' customers will have access to InfoHedge's flagship hosting platform for the financial services sector, and InfoHedge's customers will be able take advantage of Thrive Networks' managed services portfolio, the two companies said Wednesday.
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Financial terms of the deal were not disclosed.
The deal gives Thrive Networks, No. 391 on the 2018 CRN Solution Provider 500 list, more cloud, hosting and application management capabilities, according to the Foxborough, Mass.-based MSP. InfoHedge, for its part, will take advantage of Thrive Networks' platform to expand the reach of its hosting capabilities into new geographies.
Founded in 2001, Thrive Networks was acquired by M/C Partners in 2016 in a move to strengthen the MSP's presence in the financial, health-care, e-commerce and education arenas.
Via the new agreement, Thrive Networks is looking forward to expanding its own cloud hosting business further into the financial services vertical, according to CEO Rob Stephenson.
"We expect 20 percent growth or better in InfoHedge revenue over the next 12 months," Stephenson told CRN.
InfoHedge, founded in 2005, serves about 400 hedge fund, real estate investment trusts, asset management, and family office customers today.
"We're thrilled to announce that InfoHedge will become the alternative investment hosting platform for Thrive, joining one of the largest and most respected technology services firms in the Northeast," said InfoHedge President Alexander Kouperman in a statement. "With the unprecedented growth we're currently experiencing, InfoHedge was focused upon finding the right partner to help us scale."
The companies said that InfoHedge's five managing partners will continue to run the division within Thrive Networks under the direction of Thrive Networks President Marc Pantoni. Pantoni comes to the company after merging his own New York-based MSP firm, Precision IT Group, with Thrive Networks last year.