$100+ Million MSP, mindSHIFT Technologies, Announces Significant Financial and Workforce Growth
Company Makes Second Acquisition in 2011 - ORBIT Systems - To Expand Presence Across North America
FAIRFAX, Virginia – February 23, 2011 – mindSHIFT Technologies, Inc., the largest provider of IT and cloud services to small and mid-size organizations, today announced exceptional growth during 2010. Last year mindSHIFT’s organic EBITDA grew 17 percent over 2009, highlighting the company’s operational excellence, its ability to bring revenue growth to the bottom line and its recognition among the top IT vendors in the country. Showcasing recurring revenue strength and customer loyalty, 73% of mindSHIFT’s revenue was from recurring contracts. In addition, over 40 percent of mindSHIFT’s recurring revenue was derived from cloud services evidencing the increasing demand for cloud-based IT services.
On February 1, 2011 mindSHIFT acquired ORBIT Systems, a managed IT services company located in the Minneapolis–St. Paul market, with 54 employees. This is mindSHIFT’s second acquisition in 2011. The company also acquired Alpheon Corporation, a North Carolina-based MSP with significant reach in the healthcare industry, on January 1. These two acquisitions expand mindSHIFT’s customer base to new geographic markets and broaden its presence in healthcare, supporting the growing need for technical assistance and services around EMR deployments.
“mindSHIFT has had tremendous growth over the past year, demonstrating why we are the leading MSP in the country,” said Paul Chisholm, mindSHIFT Chairman and CEO. “On top of our growing revenue and customer base, the two acquisitions in 2011 will play important roles in expanding mindSHIFT’s geographic and vertical reach. We are focused on building on our past and current success and will continue to provide our customers with the very best technology, services and support.”
mindSHIFT offers its customers a wide portfolio of IT services, including cloud, virtualization, disaster recovery, security, email, and hosted offerings. In order to provide industry-leading services and exceptional support, mindSHIFT has also increased its workforce by 100 employees during the last twelve months – in combination with its acquisitions – expanding from 392 to 492. The company plans to hire additional employees through 2011, particularly as it expands its presence across North America and moves into new vertical markets.
2010 also saw significant industry recognition for mindSHIFT, with multiple awards. mindSHIFT was ranked the number one IT services provider in the United States for the third consecutive year by MSPmentor. The company was also ranked number one worldwide in 2009 and 2010. The company was named by CRN as one of the most innovative MSPs and was included on the Inc. 5000 list with a 3-year growth rate of 124 percent. In addition, the Philadelphia Business Journal included mindSHIFT on its list of the top technology employers and top systems integrators in the Philadelphia area.
About mindSHIFT Technologies, Inc.
mindSHIFT provides technology peace of mind to small and medium-sized organizations by delivering premier technology and cloud services that utilize the most reliable and advanced systems and processes in the world. Organizations use mindSHIFT’s IT management services to keep their businesses running 24x7, to increase reliability and to protect mission-critical data. mindSHIFT has been ranked Number One among managed IT services providers in the United States by MSPmentor® for three consecutive years (2009/2010/2011). We make IT work for your business.® www.mindSHIFT.com
By Guest Blogger: mindSHIFT Technologies, Inc.
