Tech entrepreneurs in Silicon Ridge, Polk County aren’t surprised by the recent acquisition of Lakeland’s DSM Technology Consultants by a bigger fish in the managed service provider pond.
Massachusetts-based Thrive Networks, Inc. announced on Friday that it has acquired Lakeland’s information technology company DSM Technology Consultants LLC, according to a press release.
Thrive, a “security-focused” managed services provider that provides secure data and IT infrastructure for small and medium-sized businesses in various industries, did not disclose the price of the transaction.
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Founded in 1986, DSM is a Lakeland-based provider of managed IT services to state and local governments, including their education, public safety and agriculture agencies, among others, in both the public and private sectors, according to A press release.
Managed service providers are contractors who remotely manage information technology services for another organization.
The local firm has sought and won several state contracts over the decades as DSM.Net and some 200 more recently as DSM Technology Consultants LLC, a company formed in 2012, according to IA records. State.
The original DSM.Net Inc. was incorporated in 1997 in Lakeland but dissolved in 2014, records show.
The Florida Accountability Contracting Tracking website lists DSM’s landing contracts with multiple agencies for a range of information technology services, the largest of which exceeds $2 million.
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The company provided services such as computer maintenance, disaster communications and data recovery for state agencies such as the Juvenile Justice Department, Citrus Department, Governor’s Office and the FDLE, according to the FACT website.
DSM also works in the private sector.
This is the second acquisition involving DSM in less than a year. In August, the information technology company acquired Cipher Integrations, Inc. of Lakeland.
Thrive is also a managed IT services provider with offerings that include cybersecurity and cloud computing to help businesses secure their critical apps and data, according to the release.
Joshua Sitta, co-founder and chief technical officer of Lakeland-based Sittadel, said mergers between cybersecurity companies are common, as large companies gain value from mergers on the order of 10 to 15 times to as acquisitions accumulate.
Sitta said he wouldn’t be surprised if a few deals lag behind Thrive’s acquisition of DSM, because the bigger company can become a major national player that way.
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As a cloud, data center and managed services provider in Florida, the acquisition of DSM provides Thrive with SLED platform capabilities, which Thrive aims to expand nationwide, according to the latest release.
SLED is an acronym for state, local, and education government agencies.
By focusing on data assurance, DSM provides customers with the ability to survive and recover quickly from a data breach or ransomware attack, ensuring business continuity, according to the release.
“DSM’s talented engineers and experienced management team will significantly strengthen our rapidly growing presence in Florida,” said Rob Stephenson, CEO of Thrive.
David Robinson, CEO and Founder of DSM, said they were “thrilled to be the newest members of the Thrive family, as their dedication to providing a personalized IT path to customer satisfaction complements our commitment to peace of mind.” ‘total computing spirit for our customers’.
Robinson and Greg Madden, COO of DSM, will take on leadership roles and lead the new Thrive SLED group as a special unit focusing on existing government affairs in Florida, Alabama and Massachusetts.
Additionally, Robinson and Madden will help expand Thrive’s state and local contracts on the East Coast.
DSM is now Thrive’s third acquisition in Florida in the past six months and DSM’s acquisition will build on its presence in the Southeast, according to the statement.
In a Crunchbase report, the trade publication listed 12 acquisitions by Thrive over its nearly decade-long existence. It was bought by private equity firm MC Partners in 2016, according to the report. That year, Thrive received a $16.6 million injection of venture capital.
This year, Thrive also acquired SouthTech in Sarasota, Preemo in Miami, and InCare Technologies in Birmingham, Alabama, according to the report.