Who is buying MSPs and IT services companies?
Why managed IT services is consolidating
- •Managed IT services is a textbook fragmented market: of roughly 335,000 IT firms delivering managed services worldwide, only about 86,546 are “true” MSPs that earn at least 30% of revenue from recurring contracts — and the typical MSP has just ~8 employees (Canalys / Jay McBain, 2024).
- •Consolidation is accelerating: industry trackers logged between ~170 (publicly announced) and ~470 (all) MSP M&A deals in 2025, up roughly 20% year over year, with private equity involved in about 69% of disclosed deals (Omdia / Canalys; Solganick & Co., 2025).
- •The roll-up math is explicit: small sub-$5M-EBITDA MSPs trade around 5x EBITDA while $500M+ platforms fetch about 11x, and advisers report more buyers than sellers for MSPs above $1M EBITDA — a multiple arbitrage that rewards buy-and-build (Aventis Advisors, 2025).
- •Recurring, subscription-like revenue and surging cybersecurity demand are the draw: Evergreen Services Group (Alpine Investors) was the single most prolific MSP acquirer of 2025, and Canalys forecast roughly a 45% jump in MSP-channel M&A for the year (Omdia / Canalys, 2025).
The platforms consolidating managed IT services
The named groups acquiring US MSP businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
Evergreen Services Group
Private equity- Owner
- Alpine Investors
- Headquarters
- San Francisco, CA
- Scale
- 100+ acquisitions since 2017 across the US, Canada, UK, Ireland and Australia — the most prolific MSP acquirer of 2025 (Omdia / Canalys)
Alpine Investors launched Evergreen in 2017 as a permanent-hold platform; it reached its 100th acquisition in June 2025. Evergreen says about two-thirds of its deals are never publicly disclosed, so any public count understates its scale.
New Charter Technologies
Private equity- Owner
- Oval Partners
- Headquarters
- Greenwood Village, CO
- Scale
- 20+ member MSPs nationwide on a decentralized federation model (members keep their brands); CRN MSP 500 Elite 150
Oval Partners co-founded New Charter in 2020 with four founding MSPs.
Thrive
Private equity- Owner
- Berkshire Partners + Court Square Capital Partners
- Headquarters
- Foxborough, MA
- Scale
- ~1,600 employees globally; 26 acquisitions; approaching ~$400M revenue
Berkshire Partners and Court Square made a strategic investment that closed in January 2025; founding investor M/C Partners fully exited.
Ntiva
Private equity- Owner
- PSP Capital
- Headquarters
- McLean, VA
- Scale
- One of the largest nationwide SMB-focused MSPs; founded 2004
PSP Capital (Penny Pritzker’s firm) acquired Ntiva in 2022 — not to be confused with PSG / Providence Strategic Growth, a different firm.
Dataprise
Private equity- Owner
- Trinity Hunt Partners
- Headquarters
- Rockville, MD
- Scale
- 1,000+ business customers nationwide; a national MSP/MSSP serial acquirer
Trinity Hunt Partners has held a majority since 2020; CEO David Eisner and management retain significant equity.
Coretelligent
Private equity- Owner
- Norwest Equity Partners
- Headquarters
- Westwood, MA
- Scale
- A national MSP focused on financial services and life sciences; 7+ tuck-ins since 2019
Norwest Equity Partners acquired Coretelligent from VSS Capital Partners in October 2021 (VSS retained a minority stake).
Integris
Private equity- Owner
- OMERS Private Equity
- Headquarters
- Cranbury, NJ
- Scale
- 600+ employees; a national SMB-focused MSP built through ~8 acquisitions
OMERS Private Equity acquired Integris from Frontenac in December 2024 — OMERS PE’s entry into managed IT services; it made a further add-on in May 2025.
Magna5
Private equity- Owner
- AEA Investors
- Headquarters
- Frisco, TX
- Scale
- 1,700+ SMB and mid-market customers; built through 9 acquisitions
AEA Investors acquired Magna5 from NewSpring Holdings in February 2026 (management reinvested); Magna5’s legacy telecom unit was sold separately, so the AEA platform is the managed-IT and cybersecurity business.
Net at Work
Private equity- Owner
- Lovell Minnick Partners
- Headquarters
- New York, NY
- Scale
- On the Channel Futures 2025 MSP 501; a Sage/Acumatica ERP and managed-services firm; an active 2025 acquirer
Lovell Minnick Partners made a growth investment; Net at Work is part ERP/Sage consultancy and part MSP.
Logically
Private equity- Owner
- The Riverside Company
- Headquarters
- Portland, ME
- Scale
- A national MSP/MSSP built through serial add-ons
The Riverside Company has backed Logically as a platform since 2018; a seven-year-plus hold means a sale or recap is plausible within this tracker’s shelf life.
Ascend Technologies
Private equity- Owner
- M/C Partners
- Headquarters
- Chicago, IL
- Scale
- A Midwest and national MSP and MSSP grown through several mergers
M/C Partners formed Ascend Technologies in 2019 from West Monroe’s managed-services division and Gratia. Note: this is distinct from “Ascend,” the Alpine Investors-backed accounting-firm roll-up.
Centre Technologies
Private equity- Owner
- Main Street Capital (since 2019); LightBay Capital (announced 2026)
- Headquarters
- Houston, TX
- Scale
- A Texas-based enterprise IT and managed-services provider; an active acquirer
Main Street Capital has backed Centre since 2019; LightBay Capital announced a strategic investment in June 2026 (close to be confirmed).
Anatomy IT
Private equity- Owner
- Atlantic Street Capital
- Headquarters
- White Plains, NY
- Scale
- A healthcare-vertical MSP serving ~1,100+ healthcare clients (ASCs, physician groups, hospitals) nationwide
Atlantic Street Capital backs Anatomy IT, a managed-IT and security provider specialized in healthcare.
Medicus IT + Abacus Group
Private equity- Owner
- FFL Partners
- Headquarters
- Alpharetta, GA / New York, NY
- Scale
- A regulated-industry MSP/MSSP for healthcare (Medicus IT) and financial services (Abacus Group)
FFL Partners acquired Medicus IT in July 2024 and merged it with portfolio company Abacus Group in July 2025 to form a multi-vertical platform.
Presidio
Private equity- Owner
- Clayton, Dubilier & Rice (BC Partners, minority)
- Headquarters
- New York, NY
- Scale
- 3,500+ employees, 6,600+ customers — a major IT solutions and services integrator
CD&R acquired majority control of Presidio from BC Partners in 2024 (BC Partners retains a minority). BC Partners had taken Presidio private off Nasdaq in 2019.
CBTS
Private equity- Owner
- TowerBrook Capital Partners
- Headquarters
- Cincinnati, OH
- Scale
- 2,200+ employees, 3,000+ customers across the US, Canada and India
TowerBrook acquired CBTS from altafiber (formerly Cincinnati Bell), completing in December 2024 — so CBTS is now a PE platform rather than a telco subsidiary.
LevelBlue
Private equity- Owner
- WillJam Ventures + AT&T (joint venture)
- Headquarters
- Dallas, TX
- Scale
- After acquiring Trustwave: $1B+ revenue, 2,000+ employees, 30,000+ customers — described as the largest pure-play MSSP
Launched in 2024 as a PE-led joint venture spun out of AT&T Cybersecurity (WillJam Ventures control, AT&T a strategic minority). The leading managed-security (MSSP) roll-up.
All Covered (Konica Minolta)
Strategic / public- Owner
- Konica Minolta
- Headquarters
- Redwood City, CA
- Scale
- The US managed-IT division of Konica Minolta; ~51 US locations
A strategic (not PE) consolidator: All Covered is Konica Minolta’s US managed-IT division (parent listed in Tokyo) and grows mostly organically with selective tuck-ins.
Frequently asked
Who are the largest MSP consolidators in the US?
By deal volume, Evergreen Services Group (Alpine Investors) is the most prolific, followed by platforms such as New Charter Technologies (Oval Partners), Thrive (Berkshire Partners + Court Square), Ntiva (PSP Capital) and Dataprise (Trinity Hunt). Larger IT-services integrators that flipped to private equity include Presidio (Clayton, Dubilier & Rice) and CBTS (TowerBrook), and in managed security LevelBlue (a WillJam Ventures + AT&T venture) is the largest pure-play MSSP after buying Trustwave.
Is private equity buying MSPs?
Yes, heavily. Industry trackers logged roughly 170–470 MSP M&A deals in 2025 (up about 20% year over year), and private equity was involved in around 69% of disclosed deals. MSPs are attractive because of their recurring, subscription-like revenue, surging cybersecurity demand and an extremely fragmented base of small, owner-operated shops.
What multiple do MSPs sell for?
It depends heavily on size. Advisers report small sub-$5M-EBITDA MSPs trading around 5x EBITDA, a private-market median near 9x, and $500M+ platforms reaching about 11x or higher — the gap between small-shop and platform multiples is exactly what makes buy-and-build roll-ups profitable.
How do I sell my MSP or IT services business to a consolidator?
DealSeam works confidentially with MSP and IT-services owners to understand their options and, where there is a fit, introduces them to qualified buyers — with the buyer paying the success fee, so sellers pay nothing. DealSeam is not a traditional business broker.
Methodology & sources
Platforms were identified from managed-services M&A coverage (ChannelE2E, Channel Futures, MSSP Alert, the Omdia/Canalys and Solganick deal trackers) and then each one’s current owner, headquarters and scale were verified against a primary public source — the PE sponsor’s portfolio or news page, the MSP’s own press release, or a dated trade-press report. Ownership in this sector churns quickly, so several widely-repeated facts were corrected: Ntiva is owned by PSP Capital (not PSG / Providence Strategic Growth); Integris moved from Frontenac to OMERS Private Equity in December 2024; Magna5 moved from NewSpring to AEA Investors in 2026; Presidio is now controlled by Clayton, Dubilier & Rice (not BC Partners, which retains a minority); and CBTS is now PE-owned by TowerBrook rather than an altafiber/Cincinnati Bell subsidiary. Pure MSP software and distribution vendors (ConnectWise, Kaseya, Datto, NinjaOne, Pax8) and the venture-funded IT-support SaaS Electric are not managed-service providers and were excluded. Growth- and credit-financed acquirers that are not control buyouts (Sourcepass, funded by private credit and venture capital; ProArch, minority growth equity) were also excluded from the PE platform list. Not every consolidator is private equity: The 20 MSP is an explicitly founder-owned roll-up (~40 acquisitions), while Impact Networking, Sentinel Technologies (employee-owned via ESOP), SHI International and World Wide Technology are large, independent, never-PE IT-services firms. Revenue and EBITDA are private and intentionally omitted; the multiple band shown is industry-typical, not any single deal’s multiple. Market-size, deal-count and multiple figures are sourced externally (Canalys / GTIA, Omdia, Solganick & Co., Aventis Advisors). Last updated June 2026.
Market sources
- Canalys / Jay McBain (via GTIA) — Imagining the Managed Services Business of 2034 (2024) ↗
- Omdia / Canalys — MSP M&A 2025: Deals Focus on Cybersecurity & AI (2026) ↗
- Solganick & Co. — Technology Services M&A Report (Q4 2025 / 2026 outlook) ↗
- Aventis Advisors — MSP Valuation Multiples (2025) ↗
Last updated June 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
Thinking about selling your MSP or IT services business?
DealSeam works confidentially with owners to understand their options and, where there's a fit, introduces them to qualified buyers — at no cost to sellers.