NEW YORK, Sept. 8, 2021 /PRNewswire/ -- Electric, the industry leader in providing world-class IT technology and real-time support for small and medium-sized businesses, today announced the acquisition of Techvera, a premier IT support provider based in North Texas.
Techvera has been a leader in the IT service space for over 20 years, focused on increasing client ROI with every interaction. Originally founded as a repair shop known as "Geek on Wheels," the company pivoted offerings to providing managed services in 2015, and rebranded to Techvera shortly after. In addition to providing effective IT support with an average response time of just 20 minutes or less today, the company serves over 90 clients in the Dallas-Fort Worth market and across the United States. Techvera's expertise spans several industries including legal, financial, oil and energy, transportation and logistics, and construction and manufacturing.
The acquisition of Techvera will add expert IT support to Electric's deep bench of over 100 IT professionals today, further establishing its commitment to an unmatched quality of customer service. It will also further strengthen Electric's offerings, allowing the company to model the efficiency of its tech based on Techvera's long haul of success as a pioneer IT service provider. This partnership is another step in Electric's path towards becoming a top IT provider — continued through both organic growth and strategic acquisitions of IT MSPs and related technologies.
"This is a strategic investment in both our current and future customers. Techvera has a proven track record of delivering best-in-class IT support, allowing us to serve a much more robust roster of SMBs across the country. I couldn't be more thrilled to partner with and tap into their deep expertise to strengthen our product here at Electric," said Ryan Denehy, founder and CEO of Electric.
"At Techvera, our mission has always been to educate, enable, and empower our customers as they navigate the ever-changing IT landscape. We feel Electric holds the same values and working together will only accelerate our commitment to agility and innovation. Together, we'll provide an unrivaled experience for clients," said Reese Ormand, founder and CEO of Techvera.
Electric boasts over 400 customers with more than 30,000 employee end-users through its IT platform today, experiencing significant growth since its inception in 2016. Over the last year alone, Electric more than doubled its business, increased headcount to over 400 employees, and surpassed the 30,000 end-user mark. The acquisition of Techvera follows significant investments in Electric's own offerings, with the acquisition of one of New York's top MSPs, Sinu in November, and its Series C $40M funding raise in February. The company continues to strategically expand its services and market presence on its path towards becoming the top IT technology and support provider to SMBs in the country.
Techvera was founded in 2001 with a mission to transform technology into the ultimate business asset. The company prides itself on serving as an IT partner - rather than a provider - to support the modern business. Techvera is regularly recognized for its excellence, with accolades such as Inc. 5000, Best of Denton, Best of Denton County, Dallas Techweek, Channel Futures' MSP 501, and Corporate Vision's Small Business Awards.
Electric is the industry leader in providing world-class IT technology and real-time support for small and mid-sized businesses. With over 400 customers and more than 30,000 employee end-users, Electric's IT platform includes: real-time support powered by 100+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding and off-boarding, procurement & provisioning, and data monitoring & insights. Electric is funded by an all-star team of investors including: Bessemer Venture Partners, GGV Capital, 01 Advisors, Primary Venture Partners, Bowery Capital, Slack, Atreides Management, Vintage Investment Partners, and Greenspring Associates.
Techvera is the premier name in IT support in North Texas. We're cloud-focused and security-minded, on a mission to crush business problems and create raving fans. Our core values of agility, innovation, and professionalism drive this mission. We know that information technology is critical for the success of the modern business. It shouldn't keep you up at night, it shouldn't keep you from doing business when it fails, and it shouldn't hinder your growth and productivity. Our promise is to save companies from these all-too-common pitfalls while powering their unique goals.
N6A on behalf of Electric