News Release | Contact: Kent Kaiser 651-338-1777
–New Owner, ShareTech, LLC, of Bloomington, Minn., & Apollo Beach, Fla.
MINNEAPOLIS – October 24, 2022 – Sunbelt Business Advisors President Chris Jones today announced that the firm facilitated the acquisition of Now IT Connects of Clearwater, Minnesota, by ShareTech LLC of Bloomington, Minnesota, and Apollo Beach, Florida. Business Broker Clayton Wendt from Sunbelt Business Advisors led the team that facilitated the deal closing on September 21.
Established by John Koshiol in Clearwater, Minnesota, in 2004, Now IT Connects provides efficient project management and hands-on IT product knowledge for small and large businesses across the United States. The company’s expert technicians specialize in network infrastructure design, implementation, and ongoing IT support for business. The company’s five employees have kept their jobs in the transition, with Koshiol planning to stay on with dialed-down responsibilities and an eye toward retirement.
ShareTech was conceived in 2000 by a small group of technically accomplished entrepreneurs with the concept that the capabilities of a large IT department shouldn’t be limited to enterprise companies. They set out to create a single system that would provide all of the features and benefits of enterprise IT, adapt to a range of network configurations from a small network to a company with a thousand or more PCs, and provide top-quality service for far less than the cost of an in-house IT department. In 2021, ShareTech merged with East Bay IT in Apollo Beach, Florida, to expand the markets and include the Tampa Bay area.
“From the acquisitions perspective, these two companies were made for one another,” said Wendt. “The seller had the luxury of entertaining multiple offers after having to cut off the number of showings at over 80.”
“The information technology space is incredibly active right now,” said Jones. “Every time we take a technology company to market we are attracting many buyers and multiple offers. Strategic buyers and private equity groups are highly interested.”
“This was an excellent strategic acquisition for us,” said Michael Nolette, owner and CEO of ShareTech. “It was just an ideal fit in terms of geography, size, and personality. We look forward to continuing to provide top-quality service to even more companies now.”
ABOUT SUNBELT® – Sunbelt® is Minnesota’s largest seller of companies. Founded in 1978, Sunbelt now has 200 offices worldwide, helping people buy and sell businesses. The Sunbelt Business Advisors Minneapolis office is the largest office in the Sunbelt network with a staff of over 50 advisors, associates, analysts, and business development representatives. The firm provides services to business owners interested in selling their businesses, assistance with merger and acquisition activities, complimentary business value assessments, and advisement for business owners in understanding how to maximize their net proceeds when they exit. The firm provides business brokerage and Mergers & Acquisitions advisory services for companies with revenues from $500,000 to $100 million, as well as finance, exit planning, franchise sales, consulting, and business valuation services. More information is available at www.sunbeltmidwest.com.