Protek, which generates more than $10 million in annual revenue, will give TUC greater access to small and medium-sized businesses in London, Windsor and Kitchener-Waterloo.
The business was purchased for an undisclosed sum and will act as a division of TUC, a group of companies in the IT services and cloud computing industry.
In addition to its existing managed IT and professional service offerings, Protek can now provide its customers with expanded helpdesk hours as well as virtualization, networking and security capabilities from TUC.
"We needed to join forces with an organization with national reach and a proven ‘next-generation’ remote managed services operating model to help our customers and employees grow into the future," stated Protek CEO Harvey Schilke in a company release.
TUC is gearing up to make additional acquisitions in the near future, after announcing a new capital division of the company on Aug. 3.
Its previous fundraising department, called MSPXchange, was given a rebrand and expanded with a plan for three funds.
TUC I was used to purchase Ottawa-based Nitro IT Business Solutions in March. TUC II is a $15-million capital fund raised from accredited investors. Part of it was used to purchase Protek, according to Stephan May, the new head of TUC’s capital division.
Mr. May is in charge of raising capital for future acquisitions. After the closing of TUC II, a third fund will look towards institutional investors to raise a larger pool of money.
The company is looking to acquire several Canadian MSP companies with revenues of between $5 million and $10 million, Mr. May said in a recent interview. He added TUC has several specific companies on its radar.
"We’ve identified a roadmap of companies we want to acquire," he said. "We need the capital to be able to continue to do so."
On the company’s website, TUC mentions Ottawa, New York City, Toronto, Vancouver, Chicago, Dallas Fort Worth and New Jersey as cities in which it would like to expand.
While TUC II will focus on Canadian companies, TUC III will look to the United States.
Prior to joining TUC, Mr. May worked at real estate investment firm Walton Capital.
TUC Brands has around 100 employees with 70 of them in Ottawa. It was launched in February to bring together various companies including managed services franchise The Utility Company and Nitro.
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