Tequity Advises Rapid Technologies on their Acquisition by Synoptek

TORONTO, Jan. 11, 2022 /PRNewswire/ -- Tequity, an M&A advisory firm specializing in global Enterprise B2B Cloud, SaaS, and IT companies, acted as the exclusive financial advisor to Rapid Technologies in their acquisition by Synoptek.  

"It was a privilege working with the team at Tequity Advisors in the journey of selling our company.  Their niche industry experience, combined with an expansive network, presented opportunities for our company and employees that otherwise wouldn't have been available.  It was very clear that Alex and Wilf had my best interests in mind from start to finish, which was refreshing and very much appreciated" said Bill Mell, former President & CEO at Rapid Technologies (current ServiceNow Managing Director at Synoptek).

Rapid Technologies is a Colorado-based Elite ServiceNow partner focused on consulting, implementation, and managed services for ServiceNow's industry-leading enterprise service management (ESM) solutions.

The company has been delivering exemplary consulting and implementation services for successful ESM project deployment for over two decades. Providing superior expertise across industry verticals, the organization has seen ample growth as the demand for ServiceNow best practice guidance and ongoing support has increased. As part of the acquisition, Rapid Technologies chief executive officer and president, Bill Mell, along with current vice president of professional services, Charley Whitt, will serve as managing directors of the ServiceNow practice within Synoptek.

Synoptek is a leader in the global IT consulting field and the deal strengthens the company's ability to not only envision and implement ServiceNow solutions for its customers, but also to provide ongoing application support management offerings that will enable clients to get the most out of their investments.

Rapid Technologies has a strong reputation for delivery ESM solutions and their addition will reinforce Synoptek's position as a leader in digital consulting, implementation and IT management and their long and successful history of client partnerships within the ServiceNow ecosystem. The relationship will also enhance business results through the two brands' combined ServiceNow expertise.

"In today's business climate, leaders are being extremely methodical when determining which computing strategies will push their organization to the next level, which has made ServiceNow a key platform to help support technology management," said chief executive officer of Synoptek, Tim Britt. "As businesses form more and more reliance on their organizational technologies, they must demonstrate efficient operations and a sound return on the investment. ServiceNow is a critical tool for doing just that, and this acquisition gives us access to more expertise around a platform that has become so vital to our clientele. As we continue to build up our resources to support customer needs, acquiring Rapid Technologies was both a strategic decision and seamless fit."

As a trusted ServiceNow partner, Rapid Technologies brings a level of expertise that Synoptek is poised to leverage and immediately incorporate into the company's current service offerings. "This move truly allows Synoptek to further commit to a deeper global ServiceNow integration, while also utilizing Rapid Technologies' like-minded focus on quality service and exceptional results," added Britt.

"The decision to merge with Synoptek provides extended service and solution offerings for our clients, as well as a major growth opportunity for both of our businesses," said Mell. "As we leverage our combined team's deep bench of expertise, we're eager to continue our commitment to delivering innovative ServiceNow solutions to customers while making an impact in the communities that we serve."

Along with its current IT leadership, consulting, and managed service offerings, Synoptek will extend its ServiceNow arm with the addition of:

• Co-managed ServiceNow capabilities
• ServiceNow application managed services
• ServiceNow implementation and project expertise across the Now Platform®

"Above all, both parties are fully committed to accelerating client business outcomes through our collective value-added offerings. Our customers depend on flawless and persistent IT leadership and management of their systems, and the union of our industry-leading organizations will be key in executing that commitment," concluded Britt.

About Rapid Technologies

Rapid Technologies, an Elite ServiceNow partner, provides consulting, implementation, and support services with a focus on giving back to the community through its ServiceNow for Good program. www.raptek.com

About Synoptek

Synoptek is a business and technology consulting firm that helps companies envision, transform, and evolve. As a global systems integrator and managed technology services provider, Synoptek partners with organizations worldwide to help them navigate the ever-changing technology landscape and build solid foundations for their business. With its comprehensive offerings, global workforce, and strategic technology partnerships, Synoptek helps organizations grow their business while optimizing and protecting their ecosystem. With growth, ownership, inclusivity, and philanthropy embedded in its DNA, Synoptek is committed to delivering improved business results and unmatched service to all its stakeholders. www.synoptek.com

About Tequity

Tequity assists Enterprise B2B SaaS, Cloud, and IT companies with business growth and exit strategies. Our mission is simple: Achieve the best outcome for our clients. With decades of combined experience as executives, consultants, and owners of software and technology companies, we leverage our deep industry knowledge across tech ecosystems and our relationships with strategic, growth-focused buyers around the globe to drive successful M&A transactions. For more information visit www.tequityadvisors.com

Contact:

Diane Horton, Managing Partner
[email protected]
+1 (905) 581-7424

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SOURCE Tequity Advisors