Merger of two Salt Lake City-based Managed IT service providers positions Nexus IT for accelerated growth and expansion
Salt Lake City-based Nexus IT Consultants announced minutes ago that it has merged with Intelitechs, another capital city based Managed IT services provider.
Although financial terms were not disclosed by either party, Earl Foote, CEO and founder of Nexus IT told me yesterday that the owners of Intelitechs received both stock in the combined entity as well as cash as a result of what he clarified was an acquisition/merger.
With this transaction, Foote remains in his role as CEO of Nexus IT, while Intelitechs Co-Founders, Jake Hiller and Eric Sessions, are taking as-yet-unnamed executive positions with the merged entity.
“When I began the search for a strategic partner, the most important component of my decision revolved around finding a company that shared Nexus IT’s mission, vision and values that we’ve committed to for the past 24 years,” Foote said. “We found exactly that in Intelitechs. As a result, we are so excited to continue building our culture of integrity that also prioritizes best-in-class client services.”
Both firms are what are commonly known as Managed IT service providers, aka, MSPs.
As such, Nexus IT operates as an outsourced provider of a wide variety of IT services that are often provided by in-house employees, often under an IT-as-a-Service pricing model.
Nexus IT identifies nine separate industry segments that it targets ranging from education to food and from retail to technology.
The news release refers to a new five-year strategic plan, and Foote explained that the firm has set some pretty aggressive plans for the near future, some of which he shared with me in an off-the-record conversation.
Foote was also named as the Top Business Influencer of 2021 during the Silicon Slopes Hall of Fame Awards during the black tie and sneakers gala held at the Grand America Hotel in Salt Lake City and attended by over 1,200 guests and honorees.