Nitro, also headquartered in Ottawa, generates more than $20 million annually in revenues and will become part of the TUC Brands group, which develops businesses and ideas in the managed IT services and cloud computing industry.
The acquisition, announced earlier this week, was funded by TUC's capital division, MSPXchange, and institutional investors, for an undisclosed amount of money.
"We are very excited with the acquisition of Nitro and adding their team of experienced professionals," stated Mark Scott, CEO and founder of TUC Brands. "A year ago we set out to establish a larger footprint in Ottawa as our flagship market, which the acquisition of Nitro allows us to achieve."
The Nitro acquisition brings TUC a large customer, revenue and employee base, along with expertise in areas such as networking, virtualization and security. Customers range from small businesses to large national organizations such as the Canadian Bar Association.
"The MSP space has evolved a lot over the past decade," stated Nitro CEO Larry Poirier. "There's no question that adding the skills and capabilities of Nitro has the potential to help expand TUC's service offerings through its franchise network to the small and mid-sized business market."
TUC Brands has 100 employees with 25 of them in Ottawa, and was launched this February to bring together various companies including managed services franchise The Utility Company.
Nitro was founded in 1987 and has 54 local employees, according to Invest Ottawa's their 2012 technology industry listings.