Evergreen Services Group to Enter MSSP Market with Agreement to Acquire VirtualArmour
Denver, CO – Evergreen Services Group, a family of leading managed IT services companies, announced today that it has entered into a definitive agreement to acquire substantially all the operating assets of VirtualArmour, a leading global managed security services provider (MSSP). The transaction is expected to close later in the second quarter or early in the third quarter of 2021, at which time the company will continue to operate independently under its existing leadership team led by CEO Russ Armbrust.
“We are excited to expand our cybersecurity capabilities by joining forces with VirtualArmour,” said Jeff Totten, Evergreen’s CEO. “From our first interaction, we were impressed by Russ, the VirtualArmour team and the company they have built. We look forward to partnering with the VirtualArmour team to bring a comprehensive managed cybersecurity offering to Evergreen’s customers.”
“Evergreen is a proven growth partner which will bring long-term vision and resources to support our growth while we continue independent operations,” said Armbrust. “Evergreen will enable us to continue providing great service to our customers while we expand our capabilities in furtherance of our mission to be the industry’s leading provider of managed security services.”
In VirtualArmour, Evergreen sees the opportunity to enhance its capabilities in the rapidly growing cybersecurity services market that is highly complementary to Evergreen’s portfolio of MSPs. Through its Security Operations Center as a Service (SOCaaS) offering, professional services and best-in-class cybersecurity offerings, VirtualArmour manages the entire security lifecycle, from initial assessment to implementation and remediation.
“VirtualArmour’s success stems from our absolute dedication to client satisfaction and world-class service. With Evergreen’s investment, we are further affirmed in the quality of our company, our team, and our abilities as a premier cybersecurity managed services provider.” said CTO Andrew Douthwaite. “It will be exciting to continue building VirtualArmour with our new partner Evergreen!”
“With the ever-increasing importance of cybersecurity for all businesses, we knew we wanted to find an MSSP to partner with, and we think VirtualArmour is a perfect fit,” said Ramsey Sahyoun, Evergreen’s Head of M&A. “We’re excited to support VirtualArmour in growing its business alongside our MSPs and expanding the company’s partner program.”
VirtualArmour follows Evergreen’s acquisition of 28 managed IT providers since 2018. Evergreen continues to actively invest in leading IT service providers throughout North America, where it can serve as a long-term capital partner and support future growth. Capstone Partners, an independent, full-service middle market investment bank, acted as the exclusive financial advisor to VirtualArmour.
VirtualArmour is a global managed security services provider founded in 2001 by a team of networking and security industry experts. VirtualArmour specializes in advanced networking and cybersecurity, serving mid-market and enterprise customers across the US and Europe through managed services, professional services and hardware/software resell. The company’s services operate through its global Security Operations Centers (SOC) located in Middlesbrough, UK and the United States. For more information about VirtualArmour, visit www.virtualarmour.com.
About Evergreen Services Group
Evergreen Services Group is a family of leading managed IT and cybersecurity services companies operated by world-class leadership teams. Evergreen partners with owners of IT services companies to provide operational assistance and capital in support of growth and exceptional service delivery. Evergreen differentiates itself by providing a permanent home for businesses that care deeply about their customers and employees. For more Evergreen Services Group news and information, visit www.evergreensg.com.
Evergreen Services Group
Ramsey Sahyoun, (415) 591-1318
Head of M&A