Magna5 Highlights Strong 2023 Results as the Demand for Managed IT Services Continues to Grow

PITTSBURGH, Jan. 11, 2024 /PRNewswire/ -- Magna5, a national provider of managed IT, cybersecurity, and cloud-based services and a NewSpring Holdings platform company, is pleased to announce several milestones achieved during a highly successful year in 2023, marked by strategic growth, industry recognition, and high client satisfaction. Throughout the year, Magna5 has continued to demonstrate its commitment to excellence in the ever-evolving field of managed IT and cybersecurity services.  Some of the noteworthy accomplishments include:

Strong Revenue Growth: Revenue grew approximately 50% in 2023 as compared to the company's 2022 revenue, with organic recurring revenue growth nearly double overall industry growth rates of 9 to 11% as estimated by leading industry analysts.

Strategic M&A: The company completed two strategic acquisitions in 2023 to add scale in core geographic markets: the U.S. business of Apogee IT Services, with a presence in the Pittsburgh and Boston markets, both of which were existing markets for Magna5, and Advanced Network Systems located in Charlottesville, VA, expanding the company's presence in the Mid-Atlantic U.S.

Increased Scale and Capabilities: Magna5 closed 2023 with a larger, highly-skilled team of experienced professionals, further enhancing its capacity to deliver top-notch managed IT services. The company now has over 220 employees serving over 700 clients across 37 states from 6 regional support centers.

A Sample of Recognitions Received in 2023: 

• Ranked 2,437 on the Inc. 5000 list of fastest-growing privately held companies in the United States
• Selected by Channel Futures for its MSP 501 ranking which identifies the leading Managed IT Service providers worldwide.
• Recognized by CRN, an industry-leading information source and brand of The Channel Company, for multiple awards: CRN's MSP 500 list for the 5^th year in a row as well as the Elite 150 and Security 100. These awards identify the top technology providers who are innovating and changing the industry landscape.
• Won Top Workplace awards on a national basis for Innovation and Leadership as awarded by Energage for companies with 150 to 499 employees.
• Won Top Workplaces in Pittsburgh award as recognized by the Pittsburgh Post-Gazette

"We work tirelessly to provide high quality, proactive, and responsive service to our customers so they can focus on running their business with peace of mind and strive towards their long-term goals," says Bob Farina, CEO of Magna5. "Our success in 2023 can be attributed to our team members' passion, dedication, and technical expertise. Their customer-first mindset allows for a true partnership between Magna5 and our clients. As we reflect on the accomplishments of the past year we look forward to building on this success and we are committed to providing unparalleled managed IT and cybersecurity services, fostering innovation, and continuing to be a trusted partner." 

About Magna5
Magna5, a NewSpring Holdings platform, provides managed IT services, cybersecurity, private and public cloud hosting, backup and disaster recovery and other advanced IT services to mid-market and enterprise customers, including leaders within the financial services, healthcare, education, government, manufacturing, and other industry segments. Headquartered in Pittsburgh, PA, and regional offices from Massachusetts to North Carolina, Magna5 has customers nationally.

About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.

SOURCE Magna5