GenNx360 Capital Partners finalizes the sale of ITsavvy to Xerox Holdings Corporation
NEW YORK, Nov. 22, 2024 /PRNewswire/ -- GenNx360 Capital Partners ("GenNx360"), a New York-based private equity firm, is pleased to announce the final sale of its portfolio company, ITsavvy LLC ("ITsavvy" or "the Company"), a provider of end-to-end IT infrastructure solutions, to Xerox Holdings Corporation ("Xerox") for $400 million. This transaction marks a significant milestone for GenNx360, as its first investment in the technology services sector.
ITsavvy is an Oak Brook, Illinois-based technology solutions and services provider that delivers frictionless IT experiences by designing, developing and delivering technology infrastructure solutions and services that accelerate business outcomes on behalf of its clients.
During GenNx360's investment, the Company experienced impressive organic growth, completed an acquisition of a highly strategic AIOps-enabled managed services provider ("MSP") and significantly increased overall profitability through several well-executed margin enhancement initiatives. A committed focus to the Company's services strategy further fueled organic growth and strengthened the Company's overall value proposition. Through the support of GenNx360, the Company also successfully launched an AI and Intelligent Automation strategy. This strategy included commercializing an AI offering to better serve the Company's clients, as well as optimizing the Company's internal operations.
"The completion of this transaction marks a significant milestone for ITsavvy and for GenNx360. Over the past two years, ITsavvy has undergone exceptional growth and transformation under the leadership of Munu Gandhi and his team. Their dedication and collaboration with our firm have been critical to the company's success. We are proud of ITsavvy's achievements and confident it will continue to thrive as part of Xerox," said Ron Blaylock, GenNx360 Founder and Managing Partner, and Chairman of the ITsavvy Board of Directors.
"We appreciate GenNx360's support and strategic insights over the past two years. They have been an outstanding partner to work with to enhance and evolve our platform," said ITsavvy CEO, Munu Gandhi. "We are excited to join forces with a longstanding company in Xerox, one of the great global brands, and we look forward to supporting their next stage of growth."
"As part of our Reinvention, we have created a greater organizational focus on our emerging IT Services capabilities," said John Bruno, President and Chief Operating Officer at Xerox. "ITsavvy's complementary offerings, combined with our reputation, position us to accelerate growth across key markets and unlock new opportunities to help clients transform the way they work."
"It has been a privilege to work with Munu and the ITsavvy team over the past two years. We are incredibly proud of the Company's growth and look forward to following their success in the future," said Peter White, Principal at GenNx360 and ITsavvy Board Member.
This transaction underscores GenNx360's focus on driving operational excellence and delivering strong outcomes for our investors.
Loeb & Loeb and Greenberg Traurig served as legal advisors to ITsavvy and GenNx360.
About ITsavvy LLC
ITsavvy is an industry-leading IT infrastructure solutions provider with comprehensive value added resell capabilities. Founded in 2004 in suburban Chicago, ITsavvy provides frictionless client experiences through the deployment of holistic solutions that deliver client business outcomes. For more information on ITsavvy, please visit www.itsavvy.com.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360, please visit www.gennx360.com.
For media inquiries about this press release, please contact:
Alicia Francis, Head of Investor Communications
investorrelations@gennx360.com
Phone: 929.287.6107
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SOURCE GenNx360 Capital Partners