Caymus Equity Partners LLC has acquired IT staffing firm Seneca Resources, LLC. Financial terms of the deal were not disclosed.
This is technology M&A deal number 878 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Caymus Equity Acquires IT Staffing Firm Seneca Resources
Caymus Equity, founded in 2001, is based in Atlanta, Georgia. The company has nine employees listed on LinkedIn. Caymus Equity is a private equity firm that invests in profitable lower-middle-market companies with significant growth potential.
Seneca Resources, founded in 2010, is based in Reston, Virginia, and has additional offices in Richmond, Virginia, Atlanta, Georgia, Birmingham, Alabama and Dallas, Texas. The company has 141 employees listed on LinkedIn. Seneca Resources’ areas of expertise include information technology, technology consulting, engineering, utilities, workforce solutions, government solutions, project management, ERP solutions, cloud computing, cybersecurity/infosec, IT consulting and CIO services.
The acquisition represents Caymus Equity’s fourteenth platform investment, its third staffing investment and the second investment out of Caymus Equity Partners Fund II, Caymus said in a statement. The investment will give Seneca capital support to continue expansion with existing clients, penetrate new industry verticals and geographies and pursue strategic acquisitions, the companies said.
Caymus Equity Acquires Seneca Resources: Executive Insight
Rob Persiano, COO, Seneca Resources, commented on the news:
“Seneca’s clients have specialized IT needs requiring certain skill sets many businesses find difficult to recruit internally and other, less specialized staffing firms struggle to provide. Our success at Seneca is the result of a differentiated talent pool developed over the past decade, highly responsive delivery model, and long-term relationships with both our consultants and clients. Caymus Equity’s historical successes in the staffing space and a shared vision for the future growth plan for Seneca strongly resonated with the entire management team.”
Blake Cummings, principal and investment lead at Caymus Equity, added:
“With the digitization of the global economy and the remarkable growth that the IT staffing industry has experienced as a result, Seneca presented us with an opportunity to leverage our experience and existing relationships in the industry. We could not be more excited to partner with Rob and the Seneca team to continue building the business into the premier IT staffing company in the industry.”
Caymus Equity’s staffing experience includes a prior investment in Hospitality Staffing Solutions, a provider of full-time staffing services to hotels, resorts and casinos, and a current investment in PlanIT Group, a technology consulting and staffing firm.
IT Staffing M&A Activity
Merger and acquisition (M&A) activity in the IT staffing market remains steady to strong. Although IT staffing business valuations are rarely announced, it’s clear that strategic buyers, investors and private equity firms maintain a strong interest in the IT staffing market.
Why’s that? Surely, the talent shortage across cybersecurity, multi-cloud services, robotic process automation, artificial intelligence (AI) and other fast-growth areas generated strong demand for IT staffing firms.