Myriad360 Acquires Advizex in $900M Deal
What happened
Global systems integrator Myriad360 has acquired Advizex Technologies. The strategic acquisition forms a new $900 million global platform focused on AI activation, enterprise infrastructure, cybersecurity, and managed services.
Why it matters
- Prior to this acquisition, Advizex was acquired by Fulcrum IT Partners in March 2023, at which time it was a $230 million solution provider. - C.R. Howdyshell, who will continue to lead Advizex, stated that joining Myriad360 expands their service capabilities while preserving their company culture and that clients will work with the same teams. - The combination of the two companies is expected to generate over $900 million in annual gross revenue. - Myriad360's CEO, Jay Miley, emphasized that the acquisition is aimed at positioning the new entity for future market trends, with a focus on continuity for clients. - Advizex has a strong presence in markets where Myriad360 has a limited footprint, and it brings enterprise relationships and managed services to the new platform. - Ohio-based Advizex has been recognized for its rapid growth, ranking No. 124 on the 2023 CRN Fast Growth 150 list. - Myriad360 specializes in cybersecurity, modern infrastructure, and cloud services, which will complement Advizex's expertise in hybrid infrastructure and data engineering. - Advizex has been heavily focused on an "Everything-as-a-Service" model, with a reported goal of hitting $70 million in recurring revenue services in 2022.
Key numbers
- Global systems integrator Myriad360 has acquired Advizex Technologies.
- The strategic acquisition forms a new $900 million global platform focused on AI activation, enterprise infrastructure, cybersecurity, and managed services.
- - Prior to this acquisition, Advizex was acquired by Fulcrum IT Partners in March 2023, at which time it was a $230 million solution provider.
- Howdyshell, who will continue to lead Advizex, stated that joining Myriad360 expands their service capabilities while preserving their company culture and that clients will work with the same teams.
What happens next
- Howdyshell, who will continue to lead Advizex, stated that joining Myriad360 expands their service capabilities while preserving their company culture and that clients will work with the same teams.
- The combination of the two companies is expected to generate over $900 million in annual gross revenue.
- Myriad360 specializes in cybersecurity, modern infrastructure, and cloud services, which will complement Advizex's expertise in hybrid infrastructure and data engineering.
Quick answers
What happened in Myriad360 Acquires Advizex in $900M Deal?
Global systems integrator Myriad360 has acquired Advizex Technologies. The strategic acquisition forms a new $900 million global platform focused on AI activation, enterprise infrastructure, cybersecurity, and managed services.
Why does Myriad360 Acquires Advizex in $900M Deal matter?
Prior to this acquisition, Advizex was acquired by Fulcrum IT Partners in March 2023, at which time it was a $230 million solution provider. C.R. Howdyshell, who will continue to lead Advizex, stated that joining Myriad360 expands their service capabilities while preserving their company culture and that clients will work with the same teams. The combination of the two companies is expected to generate over $900 million in annual gross revenue. Myriad360's CEO, Jay Miley, emphasized that the acquisition is aimed at positioning the new entity for future market trends, with a focus on continuity for clients. Advizex has a strong presence in markets where Myriad360 has a limited footprint, and it brings enterprise relationships and managed services to the new platform. Ohio-based Advizex has been recognized for its rapid growth, ranking No. 124 on the 2023 CRN Fast Growth 150 list. Myriad360 specializes in cybersecurity, modern infrastructure, and cloud services, which will complement Advizex's expertise in hybrid infrastructure and data engineering. Advizex has been heavily focused on an "Everything-as-a-Service" model, with a reported goal of hitting $70 million in recurring revenue services in 2022.
