NEW YORK and BOSTON, Dec. 7, 2016 /PRNewswire/ -- MetTel, a leading advanced communications solutions provider for businesses based in New York, today announced the sale of Tewksbury, Mass-based Thrive Networks to Thrive CITS, LLC, a portfolio company of M/C Partners of Boston.
In addition to acquiring Thrive, M/C Partners acquired Norwood, MA based Corporate IT Solutions, an in-market competitor. The combination of these two firms will form one of the largest managed IT service providers in the Northeast. MetTel has also structured a wholesale agreement with the new combined M/C Partners company to continue to provide enhanced managed services to MetTel customers. Terms of the agreements were not disclosed.
MetTel is realigning resources to focus on serving enterprise customers. With the global enterprise technology market projected to reach $2.8 trillion by 2019 according to an IDC study,* MetTel is sharpening its focus on serving major corporations and government agencies. Growing at a brisk, double-digit pace since it began serving the enterprise, MetTel plans to re-invest sale proceeds of Thrive into advanced solutions, services and infrastructure for its large clientele.
"We are encouraged by the business results of our enterprise level corporate and government customers, so we intend to expand our investment into solutions that address their priorities," said MetTel CEO Marshall Aronow. "MetTel will expand significantly in 2017 with new technology, expertise and facilities to meet our enterprise growth mandate while continuing to serve our SMB base cost-effectively with Thrive."
MetTel has more than 10,000 customers among which an increasing proportion are large enterprise, requiring more sophisticated, scalable solutions and greater bandwidth. Data analytics, cloud computing, mobile business and flexible software defined networks are changing the way companies see, reach and serve their customers.
As the IT and telecommunications industries evolve, the lines between them increasingly blur particularly around the efficient delivery of information resources through the cloud. Just as the traditional powers in both industries were threatened by upstarts such as Amazon, Google and VMware, today a new class of players are emerging that can virtualize and integrate powerful IT and communications resources at lower costs than their predecessors. MetTel is a leading example of this growing phenomenon.
MetTel is a leading communications solution provider that bundles the widest selection of technologies into innovative and customized solutions for enterprise customers. By converging all communications over a proprietary network, MetTel enables enterprise companies to quickly and easily deploy technology-driven voice, data, wireless and cloud solutions nationwide. Deployed with the highest quality customer care and project management, our portfolio of customer-centric communication solutions boosts enterprise productivity, reduces costs and simplifies operations. Combining customized communication solutions with a powerful platform of cloud-based software, the company's MetTel Portal® enables customers to manage their inventory, usage, spend and repairs from one simple, user friendly interface. MetTel was founded in 1996 and is headquartered in New York City. For more information visit www.mettel.net. MetTel. Smart Communications Solutions.™
*Worldwide IT spending is projected to grow from $2.46 trillion in 2015 to more than $2.8 trillion in 2019, according to the Worldwide Semiannual IT Spending Guide: Industry and Company Size from International Data Corporation (IDC).