Venture Technologies announces merger, acquisition
Growing tech in Ridgeland
Wednesday, August 20, 2014 1:00 PM
RIDGELAND - IT firm Venture Technologies recently completed a merger with Denver-based Information Systems Consulting, Inc. that grows full-time staff to over 200 and annual revenue near $150 million.
Venture Technologies works with IT infrastructure in everything from cloud storage to data management.
In addition to the merger, the company acquired Strategic Allied Technologies in Birmingham, Ala.
Venture CEO and Chairman of the Board Gerard Gibert said he developed a business plan back in 2007 "to launch a consolidation front" in the widely-fragmented IT solution provider industry but was initially met with a fair amount of resistance.
"(Investors) didn't see a great deal of wisdom in the project but that all really changed about four years ago when I met with Jeff Valenty of FlatWorld Capital," Gibert explained. "Jeff had an interest in what we were doing and liked the company."
Based in New York, FlatWorld is a private equity group that specializes in funding of mid-sized IT firms.
Gibert added, "It just turned out to be a perfect fit."
The company also partnered with Monroe Capital to provide $14.3 million to support the company's consolidation strategy.
When asked what Venture Technologies does as a business, Gibert said to think of IT in the same scope as healthcare. Healthcare takes care of people and IT takes care of information and data. Zoom in and there are different specialties and fields and broad practice areas.
"IT is kind of like a big black box to folks," Gibert said. "It does have so many dimensions and so many aspects. It;s mind-boggling. IT is highly, highly specialized."
For Venture, a lot of the work is IT infrastructure and the cloud service.
"Infrastructure consists of pretty much all the stuff that's stored in closets, data centers, and behind the scenes," he explained. "We also do cloud-based backup and disaster recovery."
Those are just two components of what the tech firm does but other services range from email hosting to networks.
With the acquisition and merger complete, Gibert and his team have set their sights on more mergers to build an even bigger company.
"We're in various stages of negotiations with six (companies)," he said. "I don't have a particular dollar value in mind in terms of annual revenue. I believe we continue to build a larger, more valuable company that operates according to the same business philosophy and principles that made Venture successful."
They hope to complete two additional transactions before the end of the year.