Thrive Expands Presence to New York with Precision IT

Share

Share on facebook
Share on twitter
Share on linkedin
Share on email

TEWKSBURY, Mass., Oct. 11, 2017 /PRNewswire/ — Thrive, a leading provider of next generation managed services, proudly announced today that they’ve completed the acquisition of Precision IT, a highly respected New York City based managed services provider (MSP).  Precision IT provides Thrive with instant credibility in the New York Tri-State area, a financial services driven practice with extensive technical, compliance-management capabilities and a much deeper engineering base of talent for supporting the combined customer-base. Led by CEO Marc Pantoni, Precision IT has grown to become a well-respected and recognized MSP in New York City and the surrounding region.  Precision IT’s service portfolio includes a consultative approach to the provision of managed services, cloud hosting, backup, disaster recovery solutions, project management, asset management and procurement services.

Precision IT

“Thrive is pleased to welcome Precision IT to our family.  This addition is a win-win for both companies and our customers, adding an extensive track record of supporting the financial services sector to Thrive, as well as a deeper cyber security and public and private cloud management platform to Precision IT’s New York-based clientele,” said Rob Stephenson, Thrive CEO. 

The merger of these two companies now forms one of the largest managed services providers in the Northeast United States with nearly 200 employees.

“On behalf of everyone at Precision IT, I’m very excited about this opportunity to join one of the most respected and capable technology advisory firms in our region,” said Marc Pantoni, Precision IT’s CEO.  “The additional cyber security and cloud services expertise that Thrive can offer to our customers is one of the driving factors for combining our companies and creating a more comprehensive MSP platform.”

Mr. Pantoni will become Thrive’s Chief Strategy Officer, a Board Director and the Managing Partner for New York Operations. In December of 2016, private equity firm M/C Partners announced that they had closed on the acquisitions of Thrive Networks and Corporate IT Solutions.  Today, Precision IT now becomes the third member to join the Thrive platform within the past year.

“M/C Partners continues to be extremely bullish on the managed services industry.  As a result, we’re pleased to finalize the Precision IT deal with Thrive to form a stronger technology services company for our customers,” said Gillis Cashman, Thrive Chairman and a Managing Partner at M/C Partners. “Precision IT complements Thrive perfectly, creating deeper geographic, product set and financial services sector coverage.”

About Thrive

Thrive is a leading next generation managed services provider.  The Thrive technology solutions suite utilizes Cloud, Cyber Security, Networking, Disaster Recovery and other pioneering managed services to help compliance-driven businesses solve complex IT issues.  Founded in 2001, Thrive’s mandate is to provide exceptional support though its advanced MSP tools, highly trained engineering teams and a fervent dedication to customer success.  Thrive was acquired by M/C Partners (www.mcpartners.com) in 2016 as a Northeast United States growth platform to service the Finance, Healthcare, Biotech, Insurance, E-Commerce and Educational verticals. In developing this new technology services ecosystem, Thrive will be uniquely positioned to offer compliance-based solutions to its vertically focused client base.

To learn more, visit Thrives new and improved website www.ThriveNetworks.com and follow us on LinkedInTwitterGoogle+ and Facebook.

About Precision IT Group

Recognized as a top MSP, both nationally and internationally, Precision IT relies on less automation and more personalized service. Precision provides a wide range of expertly engineered solutions and information technology to SMB and enterprise clients. Precision IT Group’s service portfolio includes a consultative approach to the provision of managed IT services, cloud hosting, backup and disaster recovery solutions, project management, asset management and procurement services.

Precision IT spoils every customer with the personal touch of a small, devoted support team and 24×7 helpdesk. Because the company recruits not only masterful technical skills, but also seeks well-rounded business professionals, the sophisticated culture of the company is appreciated by clients who welcome the Precision staff into their office. This symbiotic relationship between excellent corporate culture and a high level of technical skills is what makes Precision IT one of the most highly regarded and respected information technology consulting firms in the industry.

Precision IT is headquartered in New York City.

About M/C Partners

M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $2.2 billion of capital into nearly 100 companies in those sectors. Companies M/C has backed include Cavalier Telephone, Denovo, Ensono, Everstream, Fusepoint, ICG Communications, Involta, Legendary Pictures, Lightower, MetroPCS, NuVox, and Zayo Group. The firm has strong institutional backing from the nation’s leading pension funds and endowments as well as a long track record of success. M/C Partners has offices in Boston and San Francisco. For more information, visit www.mcpartners.com.

For media inquiries, please contact
Brian J. Hawthorne 
Vice President of Marketing
781-352-5522
180244@email4pr.com

View source version here: https://www.prnewswire.com/news-releases/thrive-expands-presence-to-new-york-with-precision-it-300534817.html

Cuba Burch Berner

Cuba Burch Berner is an Associate at M|C Partners, where he focuses on investment opportunities in digital infrastructure and technology services. Prior to joining the firm in 2022, Cuba was an Equity Research Associate at Citi covering infrastructure companies within the telecommunications industry, including data centers and wireless towers. He holds a B.S. in Mathematics with a specialization in Economics from the University of Chicago. Cuba currently lives in Boston’s West End and enjoys  a myriad of outdoor activities including running, swimming, hiking, and skiing.

Joined

2022

AFFILIATED PORTFOLIO

Contact

BOARD POSITIONS

AccentHealth

AccentHealth operates an out-of-home advertising network that reaches over 12,000 physician office waiting areas in the U.S. – JOHN WATKINS

TEAM MEMBERS

SECTOR

IT SERVICES

James F. Wade

Jim Wade co-founded M/C Partners in 1986 with Dave Croll. He has been investing in communications and technology services since the advent of wireless and broadband, cornerstones of the firm’s sector focus. As a founding managing partner, he manages the firm’s investment process, and continuously seeks out management teams, company prospects and financial resources to grow the portfolio. Jim’s successful track record includes MetroPCS (IPO), Lightower Holdings (acquired by Berkshire Partners), Triad Communications (acquired by T-Mobile), Brooks Fiber Properties (IPO and sale to AT&T Wireless), Cavalier Telephone (acquired by PAETEC), NuVox Communications (acquired by WindStream), Attenda (acquired by Darwin Private Equity), Melita (acquired by Apax Partners), PR Wireless (joint venture with Sprint affiliate in Puerto Rico), Thrive Networks (acquired/recapitalized by Court Square) and Involta (acquired by Carlyle Group). Today he serves as a director on the Board of Connectivity Wireless and has responsibility for Omega Wireless. Jim graduated from the University of Notre Dame a B.B.A in Finance and received an MBA from Harvard Business School. He lives outside Boston with his wife and four children. Jim was an avid boater and is now an average golfer.

JOINED

1986

Contact

BOARD POSITIONS
Connectivity Wireless

 

Connectivity
Wireless
Involta

Abhishek Rampuria

Abhishek (A.B.) is a Partner at M/C Partners, where he leads origination, deal diligence and portfolio company support for investments in a variety of communications and technology services segments. He currently serves on the Board of Ascend Technologies, Connectivity Wireless, Edafio Technology Partners, TowerCom and serves as a Board Observer for Thrive Networks. A.B. previously served as a Board Observer for Ensono (acquired by KKR) and QOS Networks (acquired by Zayo). Prior to joining M/C Partners in 2015, A.B. worked at Altman Solon (formerly Altman Vilandrie), a technology, media & telecommunications focused strategy consulting firm, where he completed projects for both operating companies and private equity investors. A.B. received a B.S. in Materials Science & Engineering from the Massachusetts Institute of Technology. He lives in Boston’s South End and outside of work, enjoys skiing, cycling, traveling and cheering on his home-town Patriots and Celtics.

Joined

2015

AFFILIATED PORTFOLIO

Thrive Networks

Contact

BOARD POSITIONS

Ascend Technologies
Connectivity Wireless
Edafio Technology Partners
TowerCom