MyITGroup Acquired By VIP
A Principal Of 7 Mile Advisors Acted As The Sell-Side Advisor To MyITgroup In Their Sale To Visionary Information Professionals
MyITgroup, a leading provider of SAP solutions, has been acquired by Visionary Integration Professionals (VIP) of Folsom, California.
Established in 2000, MyITgroup captured an under-served market with staff totaling 400 and an extraordinary growth rate that had 2006 revenues at $62 million in comparison to 2003 at $26 million. Founded by David Perroni, Zane Edwards, and Coral Ervin, MyITgroup was the largest privately held SAP solutions firm in the U.S., with headquarters in Houston and a foreign subsidiary in Bangalore, India. This acquisition came after VIP screened more than 300 companies during the past 18 months.
“We are looking forward to working from a newly expanded global platform and delivering a new set of solutions for our client partners,” said Jonna Ward, Chief Executive Officer of VIP, said at the time of the acquisition. “As we continued to evaluate how to best help our clients, we found SAP at every turn. Seeing this constant demand from our customers is what led VIP to seek out the best in the industry and what led us to MyITgroup.”
“With all acquisitions, we consider three elements: cultural fit, market demand, and potential synergies post-acquisition. MyITgroup was a perfect match for all three,” said Ward. “The synergy gained is powerful as VIP will not only offer new SAP solutions for its clients, but will also bring a new blended on-shore, off-shore delivery capability to our other solution offerings.”
VIP’s revenues for 2007 will exceed $150 million with total staff approaching 800. Founded in 1996, VIP, like MyITgroup, has captured an under-served market with 2007 revenues at nearly 10 times 2004 levels.
“The SAP space has seen tremendous consolidation in the past three years. Given SAP is what we live and breathe, we committed to only sell MyITgroup if we were confident that our core values and our focus on taking good care of our clients and staff was already engrained in the new organization,” said David Perroni, Managing Director of MyITgroup.
“We understand that our success is a direct result of how happy we keep our clients, partners and employees,” said Zane Edwards, Managing Director of MyITgroup. “Enabling our employees to provide repeatable, high quality solutions for our customers and partners is a fundamental value shared by both VIP and MyITgroup. This acquisition reinforces our commitment to the SAP market and enables us to continue delivering the world-class solutions that our customers and partners have come to know and trust with even greater effectiveness and efficiency. We are excited about joining forces with VIP.”
Established in 2000, MyITgroup is a global consulting firm solely focused on delivering SAP solutions. MyITgroup maximizes its clients’ return on investment by establishing dedicated practices focused on all aspects of SAP, including business intelligence, portal implementations, upgrades and a variety of other sub-specialties. With a focus on strategy, people, process, solutions, and support, MyITgroup delivers value through three primary delivery methods: solutions, outsourcing, and workforce. For seven years, MyITgroup has partnered with more than 500 SAP clients to deliver quality solutions that span a variety of industries. MyITgroup maintains its headquarters in Houston, Texas with clients supported nationwide and with a foreign subsidiary headquartered in Bangalore, India. For more information, visit www.MyITgroup.com.
Established in 1996, Visionary Integration Professionals (VIP) is a global information technology solution provider. VIP’s unwavering commitment to understand the business needs and goals of its customers allows the company to partner with clients to increase business performance, mitigate risk and resolve challenges. The VIP family of solutions includes business intelligence and data integration, human capital management, technology integration and operations, quality management, and management consulting. For more than 11 years, VIP has delivered quality solutions nationwide to more than 400 clients that include various industries in the commercial sector as well as federal, state and local government. VIP maintains its headquarters in Folsom, California. With 400 staff, VIP was among the Top 100 Fastest Growing Companies in the U.S. as published by INC Magazine and was named the Best Place to Work in Sacramento. For more information, visit www.vipconsulting.com.
A Principal of 7 Mile Advisors acted as the sell-side advisor to MyITgroup.