Alfar Capital and Walter Capital Partners have acquired MSP Corp, a Canadian group of managed IT service providers, for more than $100 million. Upon completion of the transaction, MSP Corp will merge with Groupe Access, a Montreal-based managed IT services and cybersecurity company.
The new entity will be called MSP Corp and will offer a Canada-wide managed IT services platform positioned at the forefront of the digital transformation, cloud and cybersecurity industry.
The main shareholders of the new company will be Alfar Capital and Walter Capital Partners. BDC Capital, already a shareholder in MSP Corp, will retain a minority stake. Upon completion of the transaction, employees and management will own more than 10 per cent of the share capital, in addition to the individual participation of the chief executive officers of each of the merged entities.
The new MSP Corp will be led by former Groupe Access chief executive officer (CEO) Habib Malik, who will ensure a smooth transition while providing the company with a unified vision for the future, a statement said. Ravi Ramharak, CEO and co-founder of MSP Corp, will be chief M&A officer. He will be responsible for creating partnerships with business leaders for strategic initiatives. After the merger, the company will pursue organic and acquisition growth, which will increase the company’s capabilities and reach in Canada and the United States.
“The merger of Access Group and MSP Corp will remain as a milestone in the technology industry,” said Habib Malik, CEO of Access Group. “It will allow us to propose an unparalleled offering to our customers and advance the digital sector. By combining our expertise and resources with the contribution of the new MSP Corp group, we will be able to provide cutting-edge solutions while addressing the most pressing technological challenges facing today’s businesses.”
The new MSP Corp will employ more than 400 IT specialists and will include 15 companies:
- Access Group (Quebec)
- MyCloud (Quebec)
- HLB System Solutions Inc. (Ontario)
- MBC Computer Systems Ltd. (Ontario)
- Netex Managed Services Inc. (Ontario)
- Onserve Inc. (Ontario)
- Stronghold Services Corporation (Ontario)
- Tenet Computer Group Inc. (Ontario)
- Broadview Networks Inc. (Manitoba)
- Virtual Data Corp. (Saskatchewan)
- Catalyst Network Solutions Inc. (Alberta)
- Microtek Corporation (Alberta)
- RJ Systems Ltd. (Alberta)
- Sonlanding Solutions Inc. (British Columbia)
- Tangerine Technology (Yukon)