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Magna5 Expands National Footprint and Strengthens Managed IT Services Offerings Through the Acquisition of FullScope IT
Wednesday, September 18, 2024
PITTSBURGH, Sept. 10, 2024 /PRNewswire/ -- Magna5, a leading provider of managed IT, cybersecurity, and cloud solutions for small to mid-sized businesses and a NewSpring Holdings platform company, is pleased to announce its acquisition of FullScope IT ("FullScope"), a managed IT services business with a strong presence in the eastern and southwestern United States. This strategic acquisition will enhance Magna5's ability to deliver comprehensive support and protection to its clients while expanding its reach across the United States.
"[Magna5's] unwavering commitment to safeguarding customers' data and security make this combination a perfect match."With the acquisition of FullScope, Magna5 will significantly increase its operational density in the northeast corridor from New York to Virginia, while also establishing an important foothold in the southwestern U.S. with FullScope's Arizona operations and regional customer footprint from which to expand further. Integrating FullScope's capabilities into Magna5's portfolio will provide the ability to deliver even greater value to existing and future clients, who will benefit from a broader range of services and the robust infrastructure of a larger, more mature managed IT and cybersecurity services provider.
"Acquiring FullScope is a significant milestone for Magna5 as we continue to outpace the industry with growth and expand our national presence," said Bob Farina, CEO of Magna5. "FullScope's strong reputation, combined with their expertise in regulatory compliance, aligns perfectly with our mission to be a mission-critical partner to our clients by providing comprehensive IT and cybersecurity solutions to businesses in uptime-dependent industries. We are excited to welcome the FullScope team into the Magna5 family, working together to deliver unparalleled service to our clients, keeping their operations seamless and secure."
FullScope has made significant investments working towards Cybersecurity Maturity Model Certification (CMMC) L2 compliance, a critical requirement for supporting cybersecurity efforts within the Defense Industrial Base (DIB) and the Department of Defense (DoD). This expertise will seamlessly integrate into Magna5's security portfolio, further solidifying Magna5's commitment to delivering cybersecurity solutions to the most mission-critical industries.
Bob Priest, CEO of FullScope, expressed enthusiasm about the acquisition, stating, "We are thrilled to join forces with Magna5. Their strong reputation in the marketplace, expanding national coverage, and unwavering commitment to safeguarding customers' data and security make this combination a perfect match. Our clients will continue to receive the same high-quality service they expect but with the added benefit of a larger, more resource-rich organization. Together, we will be able to offer an even greater level of protection and support to businesses across the country."
This acquisition follows Magna5's award-winning year. The company has been recognized by national publications, including Inc. 5000 for robust growth and USA Today Top Workplace for outstanding culture, innovation, and leadership. Industry accolades include recognition by CRN for MSP 500 and Tech Elite 250, and recognition from Channel Futures for the prestigious MSP 501 ranking.
About Magna5
Magna5, a NewSpring Holdings platform, provides managed IT services, cybersecurity, private and public cloud hosting, backup and disaster recovery, and other advanced IT services to SMB, mid-market and enterprise customers, including leaders in education, healthcare, government, financial services, manufacturing, and other industry segments. Headquartered in Pittsburgh, PA, Magna5 has customers nationally. For more information, visit www.magna5.com.
About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.
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SOURCE Magna5
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