ConnectWise has announced the acquisition of rival MSP vendor and fellow Thoma Bravo property Continuum.
Rumours had been circulating that the two companies would join forces ever since ConnectWise was acquired by Thoma Bravo, a US private equity firm, earlier this year.
In an interview at the start of October, Continuum chief executive Michael George, who is stepping down, had confirmed that a move to consolidate the firms was on the horizon.
ConnectWise has historically specialised in professional service automation, remote monitoring and management (RMM) software and configure-price-quote solutions for MSPs (managed service providers).
Continuum provides RMM solutions as well, but also offers a range of cyber security products and services, including the largest network and security operations centre in the market. It has partnerships with security vendors Fortinet and Sentinel One.
“With the acquisition of Continuum, [security] is a big portion of the rationale,” ConnectWise chief executive Jason Magee told reporters in a briefing earlier this week. “What Continuum has built around security in the past couple of years in this space is industry leading.”
ConnectWise announced the acquisition, the value of which has not been disclosed, alongside news that the company had bought the IT documentation provider ITBoost and entered into a strategic partnership with partner relationship management firm Webinifinity.
“With all of these brands under one company, we’re able to span from the smallest to the largest [technology solution providers],” said Magee. “If someone is looking to make the investment [in security] and do it themselves, we have the tools in place that will enable them to do that.”
He added: “If they’re the MSP that doesn’t have the ability to make the out of pocket investment to go hire that cyber security talent or some other skill they may be lacking, we’ll have the ability for them to tap into those resources.”
Once the deal has closed on Wednesday, the combined company will have 2,000 employees in 16 offices around the world and boast more than 30,000 partners and customers. Continuum’s current chief financial officer Geoffrey Willison and service delivery chief Tasos Tsolakis will join ConnectWise as chief operating officer and senior vice president of service delivery respectively.
Thoma Bravo, which specialises in software firms, acquired Continuum in June 2017 and ConnectWise in February this year. When the latter deal was completed, the private equity firm said it had approved ConnectWise’s five year plan, which includes a focus on cyber security, technology as a service and a one-click ecosystem for building tech stacks.
Commenting on Wednesday’s news, Magee said that “as we pull together the go-forward road-maps of the combined businesses, we’ll be very transparent and get those out to partners” in due course.