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After terminating an agreement to go public, TPx, the managed services and connectivity provider, is being acquired by Siris, a private equity firm focused on investing in technology and telecommunications companies.
Siris is purchasing TPx from investors including affiliates of Investcorp and Clarity Partners. Financial details of the transaction weren’t disclosed.
TPx previously planned to combine with Pensare Acquisition Corp. in a $343 million transaction to become a Nasdaq-listed public company. However, the two parties agreed to call off the agreement.
TPx’s David Zahn
David Zahn, TPx’s senior vice president of marketing, tells Channel Partners it’s “business as usual and we will continue to provide the same level of excellent service our customers, agents and partners have come to expect from our team.”
“The goal of this transaction is the acceleration of TPx’s healthy growth in the high-growth managed services markets that form the bulk of our business,” he said. “Working together with Siris, we’re confident that we can develop new and exciting ways to achieve our potential.”
TPx ranks No. 2 on the 2019 MSP 501 list.
The transaction is expected to close in the first or second quarter of 2020, subject to regulatory approvals and other customary closing conditions.
“We expect to gain significant added resources to implement our strategic product and services blueprint,” Zahn said. “This transaction is all about addition.”
TPx’s product line includes UC, contact center, managed security, managed WAN, other managed IT services and network connectivity solutions. It serves about 30,000 business, government and not-for-profit customers with more than 50,000 locations across the United States.
TPx said the acquisition will provide the resources to address the fast-growing market for UCaaS, CCaaS and managed IT services.
“For more than two decades, TPx has been a leader in developing premier managed service and connectivity solutions for the growing North American market,” said Frank Baker, Siris’ co-founder. “A key factor driving TPx’s growth has been its ability to evolve its product line successfully into the UCaaS and managed services markets while maintaining its outstanding commitment to operational excellence, translating to world-class service quality. We have long admired TPx’s innovative products and deep customer relationships. TPx is a strong fit with our investment strategy. We look forward to working closely alongside the TPx team to help the company address evolving customer needs and drive new opportunities for innovation and growth.”
TelePacific Communications rebranded as TPx in spring 2017.