Thrive Networks
Sector
Technology Services
Team Members
Gillis Cashman
James Wade
Ryan Carr
Kyler Archer
Company Website
thrivenetworks.com
Overview
Thrive is a Foxborough, MA based Managed Services Provider (“MSP”), offering enterprise class technology solutions targeted to SMB and SME customers throughout New England and the Mid-Atlantic. M/C created Thrive through a carve-out of Thrive Networks and concurrent merger with Corporate IT Solutions (“CITS”) in 2016. Thrive executes an attractive business model capitalizing on the rapid growth in the IT outsourcing space while focusing on the underserved niche of small and medium sized enterprises. Thrive derives ~90% of its total revenue from recurring services from customers who receive hosting or managed services under long term contracts.
Thesis
We believe that there will be increasing demand for IT outsourcing as business technology environments become more complex. Larger-scale managed services providers (MSPs) are best positioned to address this demand, but the market is dominated by smaller, regional providers.
Investment
M|C developed an initial platform by recruiting a talented executive team that shared our industry thesis. We worked together to combine two smaller regional MSPs in the Northeast, carving one asset out of a communications provider.
Value Add
M|C recruited and expanded the executive team over time while supporting a robust market consolidation strategy, ultimately rolling up 9 regional MSPs before recapitalization. The team built an industry-leading operations platform to support growth, rapid integration, and consistent service delivery.
Outcome
Aside from an attractive return on invested capital, M|C supported Thrive in becoming one of the largest privately held managed service providers in the United States. In addition to scale, Thrive is known as having one of the strongest service delivery operations in the industry - providing customers with excellent service, while supporting attractive gross margins.
Team Members
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