A Minnesota-based company has acquired Wilmington-headquartered technology consulting firm Infranet Technologies Group.
Cyber Advisors, a cybersecurity, IT and managed services provider, announced its acquisition of Infranet in a news release on Tuesday. Founded in 1998, Infranet currently employs 15 at its Wilmington office at 240 Racine Drive, Suite 200. It also has offices in Raleigh, Rocky Mount and Richmond, Virginia.
According to the release, the acquisition “marks a significant move, fostering Cyber Advisors’ continued expansion and commitment to delivering comprehensive technology solutions to clients nationwide.” The financial details of the transaction were not disclosed.
Infranet, which has 40 total employees, provides IT consulting services, specializing in enterprise infrastructure, cloud solutions and managed services, the release stated. The company’s client base ranges from health care and finance to manufacturing and government sectors.
"Joining forces with Cyber Advisors is a natural evolution for our team,” Infranet founder and CEO Michael Chittum stated in the release. “We are excited to leverage their resources and reach to expand our impact and continue providing top-tier solutions to our clients."
The acquisition, which has been in the works for months, aligns with Cyber Advisors’ strategic goals to broaden its service territory for managed services and deepen expertise in infrastructure and cloud solutions, according to the release.
“By integrating Infranet’s experienced team and proven methodologies, Cyber Advisors will enhance its ability to deliver scalable, secure and innovative technology solutions tailored to the evolving needs of its clients,” the release stated.
John Livesay, Infranet’s chief sales officer, added that the partnership “opens up new opportunities for innovation and growth” for the company.
It marks Cyber Advisors’ 10th acquisition, according to Matt Kanaskie, the company's chief revenue officer. Cyber Advisors plans to retain all of Infranet’s staff across Infranet’s four existing offices. Following the acquisition, Cyber Advisors will have approximately 340 employees, with existing offices in Chicago, Minneapolis/St. Paul, Salt Lake City and Fargo, North Dakota.
Infranet will temporarily operate under the name Infranet, a Cyber Advisors company, according to Kanaskie. Once the integration of the companies is complete, it will operate exclusively under the Cyber Advisors name.
MidStreet Mergers & Acquisitions served as the sell-side advisor for Infranet owners Chittum, Livesay and Garth Wermter in the sale.
