NEW YORK, Oct. 17, 2024 /PRNewswire/ -- GenNx360 Capital Partners ("GenNx360"), a New York-based private equity firm, is pleased to announce it has entered into a definitive agreement to sell its portfolio company, ITsavvy LLC ("ITsavvy" or "the Company"), a provider of end-to-end IT infrastructure solutions, to Xerox Holdings Corporation ("Xerox"). The transaction is expected to close following customary regulatory approvals.
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 a number of 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 success of our investment in ITsavvy is a testament to the growth achieved during our partnership with management over the past two years. We are pleased with the Company's transformation under our ownership and wish Munu and team all the best going forward," said Ron Blaylock, GenNx360 Founder, 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.
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
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
GenNx360 Capital Partners Enters Agreement to Sell ITsavvy to Xerox Holdings Corporation
DUBAI, UAE, Oct. 18, 2024 /PRNewswire/ -- During the 44th GITEX GLOBAL, one of the world's largest technology exhibitions, Huawei Commercial Market Summit was held with the theme of "Joining Hands with Partners to Amplify Intelligence for SMEs." At the event, Huawei launched 17 new products and 6 new solutions designed for the global SME market. The company also shared achievements of its continued strategic investment in the commercial market, emphasizing that it will keep adhering to a partner-centric approach. Huawei is committed to working together with partners to serve hundreds of thousands of customers in the commercial market.
In his opening speech, Ernest Zhang, President of the Partner Development and Commercial & Distribution Business Dept in Huawei Enterprise Sales Dept, said: "Over the past year, Huawei has achieved rapid growth in the commercial market in terms of the number of partners and customers, and overall revenue. Huawei will firmly adhere to its partner-led commercial market strategy, join hands with partners to gain in-depth insights into customer requirements across industries and sub-scenarios, develop more competitive products and scenario-based solutions accordingly, build a mutually beneficial partnership system, and empower partners' digital and intelligent capabilities, so as to achieve success together with our partners in the digital, intelligent future of the commercial market."
Peter Zhang, Director of the Commercial Business Dept in Huawei Enterprise Sales Dept, said: "Leveraging Huawei's deep technical expertise in the ICT field and decades of experience in digital transformation, we have launched over 300 innovative products and scenario-based solutions for the commercial market. Through the HUAWEI eFly platform, we have digitally supported our partners in expanding their business with enterprise customers. It is Huawei's partner policy in the commercial market to build a partner-centric and trustable ecosystem, so that partners can gain more benefits, incentives, and profits."
For education, healthcare, manufacturing, SMEs, and other key industries, 17 new products and 6 new solutions were released this time. For example, for the education sector, the brand new IdeaHub K3 redefines classroom interaction experiences; for the manufacturing sector, the freshly upgraded high-quality factory network solution becomes a strong backbone for flexible production; for SMEs, the simplified all-flash data center solution offers top-notch full-stack IT infrastructure; and for managed service providers (MSPs) in the commercial market, diverse solutions featuring easy selling, delivery, O&M, and growth are provided.
At the summit, Yusuf Ahmed, CEO of KEMS Zajil Telecom, the largest Internet service provider in Kuwait, shared how enterprises in Kuwait are actively embracing the anything-as-a-service (XaaS) global transformation and how KEMS Zajil Telecom has leveraged Huawei's leading technologies to provide customers with flexible, diverse, and innovative cloud-based solutions. Richard Pearson, CPDO of SIBCA in the UAE, introduced that there is a growing recognition of green and intelligent concepts as well as technological infrastructure development across industries. SIBCA hopes that their cooperation with Huawei can be expanded from the current network, storage and other product fields to data centers, cloud, and AI, to jointly drive greener and smarter building construction in the near future.
With over three decades of deep cultivation in the ICT field, Huawei has accumulated a wealth of experience in digital transformation and is committed to becoming the core driving force for the rapid development of SMEs in the digital era. In the future, Huawei will keep working with global partners to innovate together, share success, and create a brilliant digital economy for SME customers around the world.
For more about Huawei commercial market solutions, see https://e.huawei.com/cn/industries/commercial-market.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Huawei Launches New Products and Solutions for Commercial Market and Works with Partners to Accelerate Digital Intelligence for SMEs
Huawei Launches New Products and Solutions for Commercial Market and Works with Partners to Accelerate Digital Intelligence for SMEs
