SSD Technology Partners acquired by N.Y. firm
WILMINGTON – SSD Technology Partners, one of Delaware’s oldest and most-recognized information technology (IT) support service providers, was recently acquired by a New York-based firm that is growing its regional footprint.
Led by owners Lisa Detwiler and Woodie Bowe, SSD employs nearly 80 people and is headquartered in the Shipyard Center in Wilmington’s Riverfront. It is the third largest computer consulting company in the state, according to Delaware Business Times research.
Founded in 1983 as Software Services of Delaware, the firm originally helped small businesses migrate to computerized systems. In 2005, it changed its name to reflect its diversified services, including software development, tech consulting and support services for small and medium-sized businesses in the Tri-State area.
Over the last two decades, SSD has been recognized with a number of prestigious state awards, including the Delaware Small Business Administration Small Business Persons of the Year, State Chamber Marvin S. Gilman Superstars in Business and the state Better Business Bureau Torch Award for Marketplace Ethics.
On July 21, SSD announced that it had been acquired by Sourcepass, a fast-growing managed service provider that has been acquiring a coalition of smaller firms since it was founded 18 months ago. The terms of the all-cash deal were not disclosed.
Today, Sourcepass employs over 300 people and has total revenue of more than $50 million. Detwiler and Bowe will reportedly be staying on following the acquisition. Integration of the companies is anticipated to be completed by Sept. 1. Attempts to reach SSD leadership about the deal have been unsuccessful.
“We always go above and beyond for our clients, and now we are excited to offer them the industry-leading digital services platform and 24/7 support services that Sourcepass provides,” said Woodie Bowe, vice president of SSD, in a statement announcing the deal.
Sourcepass is looking to grow its client base with a strategic focus on small and medium-sized businesses that were the specialty of SSD – it has more than 200 existing clients in Delaware, Maryland, New Jersey and Pennsylvania. The deal will further expand Sourcepass offerings and capabilities in the legal, health care, and financial services industries.
“In keeping with our goal of being the leading managed service provider (MSP) for SMBs, we are always looking for partner companies that enhance and expand the services we provide, and that share our primary mission of providing an IT experience that clients love,” said Chuck Canton, CEO and founder of Sourcepass, in a statement.
The deal for SSD was announced in tandem with an acquisition of a New York-based firm, Total Technology Solutions. It will operate as a subsidiary of Sourcepass and also retain its top leadership in a cash-and-equity deal.