Infinity Technology Solutions Acquisition of Vitil Solutions. A Sarasota Florida IT Solutions Provider.
Infinity acquisition comes through the Review pages.
Dale Ott decided about 10 months ago that his Sarasota-based technology-consulting firm, Vitil Solutions, was getting too big and unwieldy. The 30- employee company had a division for schools and government entities, as well as a separate unit for small business clients. “I was feeling a bit scattered in picking the environment I could be most successful in,” Ott tells Coffee Talk. But after he settled on the government and schools section, Ott then had to find a buyer for the other side of his business, which had generated about $1million in annual revenues.
Ott found his answer reading the Review. He read a story in the Nov. 16. 2007 issue on Tampa-based Infinity Technology Solutions, a company with about $5 million a year in revenues that was looking to grow its IT services business across the Southeast. Infinity’s focus was based on combining a constant maintenance program for clients with the latest and greatest in technology. Indeed, after reading the story, Ott told several Vitil employees that Infinity was exactly the type of company he was looking to sell the small business unit to.
Turns out there was an equally interested buyer in Terry Hedden, Infinity’s chief executive officer. “A firm of Dale’s quality doesn’to come along every day,” says Hedden. “They have happy customers and happy employees.”
After Ott cold-called Hedden to start a relationship, the executives began working out a deal. The sale closed in mid-June. Both executives declined to disclose a price.
Infinity will take on three Vitil employees, who will begin working in a new office later this year. And the $1 million in annual revenues Infinity is acquiring include about $650,000 in service contracts, says Hedden, an integral component in growing the business.
The deal also facilitates Infinity’s expansion plan, which calls for making one major acquisition every three to six months across the southeast U.S. Next up: Naples and Fort Myers. Hedden tells Coffee Talk that Infinity could a location in that market by the end of 2008, either through opening a new office from scratch or by buying an existing company.
SOURCE: Gulf Coast Business Review July 2008
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