Edafio Technology Partners of North Little Rock on Monday announced that it had closed on a strategic investment from the private equity firm M/C Partners of Boston.
Edafio said in a news release that the partnership will enable additional growth opportunities, including enhanced service capabilities and regional expansion.
Financial details of the arrangement were not disclosed by Edafio President and CEO Kenny Kinley, who spoke to Arkansas Business by phone Monday morning.
He said this investment would affect the firm's ownership structure and result in a new board, but further details are still being worked out. It will not change Edafio's leadership and management team.
Kinley also said the investment would allow the firm to hire at least 30 people over the next year; increase its private cloud and cybersecurity offerings; and boost its existing out-of-state precense in Oklahoma and Tennessee as well as gain clients in other states that border Arkansas.
M/C Partners is focused on small and mid-size businesses in the digital infrastructure and technology services sectors. Over three decades, it has invested $2.4 billion of capital in over 140 companies including Metro PCS, Zayo Bandwidth of Boulder, Colorado, and Ascend Technologies of Chicago.
"We look forward to partnering with the talented team at Edafio to accelerate their efforts and continued success in building a leading regional MSP through both organic growth initiatives and strategic acquisitions," said Abhishek Rampuria, one of the firm's partners.
Edafio was founded in 1999 as an outgrowth of the previous JPMS Cox accounting firm. It provides IT services including managed services, public and private cloud solutions, and cybersecurity services to mid-market and SMB customers.
Edafio in 2014 merged with Coleman Technologies, an IT services company for medical clinics, to become the largest IT managed services provider in Arkansas.
In 2018, JPMS Cox merged with the HoganTaylor firm of Oklahoma and now does business under the HoganTaylor name.