ITsavvy Acquired by Xerox for $400 Million
Deal News | Nov 25, 2024 | GenNx360 Capital Partners
GenNx360 Capital Partners has completed the sale of its portfolio company, ITsavvy LLC, to Xerox Holdings Corporation for $400 million. This marks a significant milestone for GenNx360 as it was their first investment in the technology services sector. ITsavvy, based in Oak Brook, Illinois, provides comprehensive IT infrastructure solutions and services. Under GenNx360's ownership, ITsavvy achieved impressive organic growth, made strategic acquisitions, and enhanced profitability through targeted initiatives. They also launched an AI and Intelligent Automation strategy, further strengthening their service offerings. The acquisition by Xerox aligns with the latter's focus on expanding its IT services capabilities. The deal highlights GenNx360's operational excellence and commitment to delivering strong financial outcomes for investors.
Sectors
- Private Equity
- Technology Services
- Corporate Finance
Geography
- United States – GenNx360 is based in New York, and ITsavvy is based in Oak Brook, Illinois. The acquiring company, Xerox, is also based in the U.S.
Industry
- Private Equity – The article discusses the activities of GenNx360 Capital Partners, a private equity firm, and its exit from an investment.
- Technology Services – The target company, ITsavvy, operates in the technology services sector, providing IT infrastructure solutions.
- Corporate Finance – The article involves a major financial transaction with strategic implications, characteristic of corporate finance.
Financials
- $400 million – The acquisition price paid by Xerox Holdings Corporation for ITsavvy.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GenNx360 Capital Partners | Selling Company | Company | A private equity firm focused on middle-market business services and industrial companies. |
| ITsavvy LLC | Target Company | Company | A provider of end-to-end IT infrastructure solutions, based in Oak Brook, Illinois. |
| Xerox Holdings Corporation | Bidding Company | Company | A longstanding global brand acquiring ITsavvy to enhance its IT services capabilities. |
| Loeb & Loeb | Legal Advisor | Company | Provided legal advice to ITsavvy and GenNx360. |
| Greenberg Traurig | Legal Advisor | Company | Provided legal advice to ITsavvy and GenNx360. |
| Munu Gandhi | CEO of ITsavvy | People | Leader of ITsavvy during the period of growth and transformation under GenNx360's ownership. |
| Ron Blaylock | Founder and Managing Partner of GenNx360 | People | Played a key role in the successful exit of ITsavvy. |
| John Bruno | President and COO of Xerox | People | Emphasized the strategic fit of ITsavvy to Xerox's goals. |
| Peter White | Principal at GenNx360 and ITsavvy Board Member | People | Expressed pride in ITsavvy's growth and future success. |