CompassMSP Announces Expansion Into New England and a New CEO
CompassMSP marks their next phase of growth, acquiring IT Direct, an IT services company headquartered in Hartford, CT while also announcing IT Direct Founder and CEO, Ari Santiago, as CEO for the expanded organization.
Hartford, CT, February 08, 2021 --(PR.com)-- CompassMSP, LLC (“Compass”), a leading managed service provider with locations in Florida, Illinois, New Jersey, Pennsylvania and Wisconsin, announced the acquisition of IT Direct, LLC (“IT Direct”), based in Hartford, CT with offices in Hartford and New Haven, CT. The acquisition of IT Direct is the Company’s eleventh acquisition and its largest to date, adding strength in the New England region and further building its presence along the eastern seaboard.
In addition, Ari Santiago, CEO and Founder of IT Direct, has been appointed the company’s Chief Executive Officer, succeeding Josh Kotler, who will be responsible for running Compass’s acquisition efforts as Chief Strategy Officer and Head of Acquisitions. Santiago will be a member of the Company’s Board. With these changes, the headquarters of Compass will be moved to Hartford, CT.
“We are delighted to announce Ari’s appointment to CEO. He is the right leader for Compass, having built a prominent regional business with a strong culture and exceptional customer service. Critically, Ari shares our vision for Compass’ growth strategy that has a dual focus on delivering positive growth for our team members as well as our clients. To that point, it is clear Ari cares deeply about his team members and clients and we look forward to welcoming them to the Compass family,” said George Ferris, Chairman of the Board.
“I am proud of the IT Direct team,” said Santiago. “We have built an incredible company that will continue onward with Compass to achieve our vision to be the North American leader in designing, delivering, and supporting technology solutions for SMBs. My goal is to share best practices across all Compass locations so that our clients benefit from stronger, safer, and more forward-thinking technology solutions that drive business results.”
Compass plans to continue their acquisition strategy. “We have a targeted acquisition program and will continue to partner with strong leaders of well-run managed services businesses,” said Kotler. “We intend to invest further in the New England region to add greater scale and better serve our clients. With every acquisition, we are bringing new strengths and expertise to our team.”
This acquisition was funded with additional equity capital from Compass’s shareholders and with the continued support of its lenders, Webster Bank and Route 2 Capital Partners. Concurrent with this transaction, the Company’s senior secured credit facility from Webster Bank was significantly increased including an expansion in the delayed draw tranche to fund future add-on acquisitions. “Webster Bank has been supportive of the Company’s growth strategy since our first facility in Q2 2018 and we look forward to continuing to work with them on future transactions,” said Jesse Sanders, Chief Financial Officer of Compass.
About CompassMSP: ​CompassMSP is a leading provider of managed IT services for the SMB market. Acting as an IT business partner, we offer powerful, secure, and cost-effective IT infrastructure, operations, and services that help businesses grow. Our team of leaders and technical experts in managed IT services, combined with our focus on operational excellence, has earned us a reputation for world-class customer service, long-lasting client relationships, and numerous industry awards and recognitions.
About Webster Bank: Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $32.6 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 155 banking centers and 297 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
In addition, Ari Santiago, CEO and Founder of IT Direct, has been appointed the company’s Chief Executive Officer, succeeding Josh Kotler, who will be responsible for running Compass’s acquisition efforts as Chief Strategy Officer and Head of Acquisitions. Santiago will be a member of the Company’s Board. With these changes, the headquarters of Compass will be moved to Hartford, CT.
“We are delighted to announce Ari’s appointment to CEO. He is the right leader for Compass, having built a prominent regional business with a strong culture and exceptional customer service. Critically, Ari shares our vision for Compass’ growth strategy that has a dual focus on delivering positive growth for our team members as well as our clients. To that point, it is clear Ari cares deeply about his team members and clients and we look forward to welcoming them to the Compass family,” said George Ferris, Chairman of the Board.
“I am proud of the IT Direct team,” said Santiago. “We have built an incredible company that will continue onward with Compass to achieve our vision to be the North American leader in designing, delivering, and supporting technology solutions for SMBs. My goal is to share best practices across all Compass locations so that our clients benefit from stronger, safer, and more forward-thinking technology solutions that drive business results.”
Compass plans to continue their acquisition strategy. “We have a targeted acquisition program and will continue to partner with strong leaders of well-run managed services businesses,” said Kotler. “We intend to invest further in the New England region to add greater scale and better serve our clients. With every acquisition, we are bringing new strengths and expertise to our team.”
This acquisition was funded with additional equity capital from Compass’s shareholders and with the continued support of its lenders, Webster Bank and Route 2 Capital Partners. Concurrent with this transaction, the Company’s senior secured credit facility from Webster Bank was significantly increased including an expansion in the delayed draw tranche to fund future add-on acquisitions. “Webster Bank has been supportive of the Company’s growth strategy since our first facility in Q2 2018 and we look forward to continuing to work with them on future transactions,” said Jesse Sanders, Chief Financial Officer of Compass.
About CompassMSP: ​CompassMSP is a leading provider of managed IT services for the SMB market. Acting as an IT business partner, we offer powerful, secure, and cost-effective IT infrastructure, operations, and services that help businesses grow. Our team of leaders and technical experts in managed IT services, combined with our focus on operational excellence, has earned us a reputation for world-class customer service, long-lasting client relationships, and numerous industry awards and recognitions.
About Webster Bank: Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $32.6 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 155 banking centers and 297 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
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CompassMSP
Gael Tannenbaum
860-924-7818
https://www.compassmsp.com/
Gael Tannenbaum
860-924-7818
https://www.compassmsp.com/
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