MSP Power Play: Electric Acquires Texas-Based Techvera

‘[Techvera Founder and CEO Reese Ormand] is very active in the MSP community. “He is a member of peer groups and does a lot of speaking. These are all big benefits for us. His team includes top-notch sales and engineering people. Customers have a lot of nice things to say about Techvera. So we’re not just getting Reese. We’re getting his team and a roster of good customers,’ says Electric Founder and CEO Ryan Denehy.

Managed service provider Electric Wednesday said it has made its second acquisition, that of Techvera, giving the company an expanded geographical reach into Texas.

Denton, Texas-based Techvera is a cloud-focused and security-focused IT solution provider, and aligns well with what Electric is doing in the market, said Ryan Denehy, founder and CEO of New York-based Electric.

“We have minimal business in Texas,” Denehy told CRN. “Customers there haven’t been a big part of our book of business. But a lot of customers there are looking for a new breed of IT, and so it makes sense that we enter that market.”

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Just as important as bringing Techvera into Electric is the opportunity to work with Techvera Founder and CEO Reese Ormand, Denehy said.

“Reese is very active in the MSP community,” he said. “He is a member of peer groups and does a lot of speaking. These are all big benefits for us. His team includes top-notch sales and engineering people. Customers have a lot of nice things to say about Techvera. So we’re not just getting Reese. We’re getting his team and a roster of good customers.”

Denehy said he and Ormand first met in 2017.

“I liked his philosophy of getting the best tools integrated with customers,” he said. “Even on our first call back then, we were talking about ways to get together. And in 2019, we flew him up to New York to advise us on sales.”

Electric in February closed a $40 million round of funding, bringing total funding in the company to over $100 million. Denehy at the time told CRN that the investment will expand Electric’s R&D, sales, and marketing capabilities and finance its hunt for more acquisitions.

Techvera is Electric’s second acquisition. Electric late last year acquired New York-based SINU as a way to expand its reach across the New York metro area.

“SINU wasn’t totally integrated into Electric yet,” Denehy said. “But we’re to the point where we have the confidence to do another deal. We didn’t want to rush on a second acquisition. But the majority of SINU’s customers and employees are happy. The SINU business is now as big as or bigger than when we first acquired the company.”

Denehy declined to discuss the value of the Techvera acquisition.