Magna5 Makes Key Strategic Move by Divesting its Telecom Business and Focusing Exclusively on Managed IT Services – Yahoo Finance

Sale of Telecom business allows the company to sharpen its focus on its core strengths of providing mission-critical managed IT services to mid-enterprise customers.
PITTSBURGH, Nov. 18, 2021 /PRNewswire/ — Magna5, a national provider of managed IT services and a NewSpring Holdings platform company, announces the sale of its Telecom business enabling it to focus solely on building and growing its Managed IT Services business as the centerpiece of its strategy. Increasing customer demand for Magna5's differentiated, high-touch managed IT services coupled with the company's significant investments in technology, operating capabilities, and sales and marketing over the past year have resulted in the company achieving organic sales growth of more than 20% in 2021.
"I'm proud to lead our Magna5 team as we focus our efforts on executing our strategy to build a market-leading Managed IT Services business," says Bob Farina, CEO of Magna5. "The sale of our Telecom business allows our organization to focus where we see the greatest opportunity for growth going forward. We are investing significantly in our organization to enhance our offerings for cybersecurity, data recovery, cloud services, and many other areas so we can better service the needs of our rapidly growing customer base. Finally, I would like to thank the dedication of the Telecom business's employees and customers that we had the opportunity to work with and serve during our ownership."
Backed by NewSpring Holdings, Magna5's Managed IT Services business is poised for strong organic and acquisitive growth. Magna5 acquired New York-based SpinnerTech in May and is pursuing additional acquisition opportunities to enhance capabilities and expand its reach. "The demand for managed IT services in the lower middle-market is paving the way for Magna5's booming organic growth," says Jim Ashton, General Partner at NewSpring Holdings. "At the same time, the market is extremely fragmented, which provides an exciting opportunity for us to leverage our existing platform and execute our M&A strategy to build Magna5 into an even more formidable managed IT services player."
About Magna5
Magna5, a NewSpring Holdings platform, provides managed IT services, cybersecurity, private and public cloud hosting, backup and disaster recovery and other advanced IT services to mid-market and enterprise customers, including leaders within the education, healthcare, government, financial services, manufacturing, and other industry segments. Headquartered in Pittsburgh, PA, Magna5 has customers nationally. For more information, visit
About NewSpring Holdings
NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at
View original content to download multimedia:
These growth stocks aren't household names. Yet.
Microstrategy CEO Michael Saylor started adding Bitcoin to his corporate treasury last year and hasn't turned back. He said the only long-term risk to the crypto would be a "black swan."
There are only three weeks left in 2021, and the analysts like to start summing up the market situation when the calendar is about to turn. So it’s no surprise to find that Bank of America’s senior US equity strategist, Jill Carey Hall, is doing just that. Her take on the markets will be of interest to investors – especially for investors interested in dividend stocks. “Our view going into 2022 is that… the S&P 500 index [is] where we're actually looking for flattish returns," Hall noted. "Our
It's never fun when our stocks take a price hit, but we should be excited about the long-term opportunities that market corrections give us. Right now, there are several high-quality growth stocks that are 40%, 60%, or even 70% less expensive than earlier this year. Affirm Holdings (NASDAQ: AFRM) is poised to be at the center of this growth, thanks to its various partnerships with key U.S. retailers like Amazon, Shopify, Walmart, and Target. Its fiscal 2022 first-quarter earnings showcased an 84% year-over-year increase in gross merchandise volume, the total value of transactions on Affirm's platform, which drove 55% revenue growth over 2021 Q1.
The e-signature company thrived during the pandemic, but it missed signs of a slowdown as the pandemic faded and absorbed the biggest blow in its history. Two big stock buys triggered a rebound.
(Bloomberg) — The U.S. went on a borrowing binge last year and the hangover could make it harder for the Federal Reserve to fight inflation without crashing the economy.Most Read from BloombergZero Taxes, Golf and Beach Houses Create a Crypto Island ParadiseAnatomy of a Bad RoadBoris Johnson’s Furious MPs Worry That His Next Misstep Could Be FatalChina Is Building the World’s Largest National Park SystemThe 15 Best Beers We Drank This YearCorporate debt has surged $1.3 trillion since the start
Our stock screen identifies companies that have paid a high dividend for at least 25 years and whose shares are rising this year.
DEEP DIVE This is the time of the year when Wall Street prognosticators do their best to entertain investors with predictions. But after two excellent years for U.S. stocks, maybe it’s time to position yourself to enjoy high and well-supported dividends if the market turns sour in 2022.
These stocks are likely to rebound quickly in a bear market, making this a great time to buy high-quality REITs at a discount.
The price of Bitcoin has tumbled over the past month. A number of Bitcoin stocks — or companies that have business tied to the cryptocurrency — have followed suit. Given the on-a-whim price swings in the crypto world, finding the best stocks out of that bunch can be difficult. For now, based solely on IBD's chart analysis, the best crypto…
A market rally is underway, but hasn't flashed this key signal, with the Fed meeting on tap. Apple, Tesla are in focus.
(Bloomberg) — For many Americans, the sudden burst of inflation that has rocked the economy has been disorienting.Most Read from BloombergZero Taxes, Golf and Beach Houses Create a Crypto Island ParadiseAnatomy of a Bad RoadBoris Johnson’s Furious MPs Worry That His Next Misstep Could Be FatalChina Is Building the World’s Largest National Park SystemThe 15 Best Beers We Drank This YearConsumer prices had been so stable for so long in the U.S. that the population finds itself a little rusty on b
Ford and Google stock are arguably actionable now, leading several top stocks just above or below buy points amid uncertain market conditions.
Bitcoin had dropped by 38% from its recent high — that's the third correction of greater than 30% in the last 12 months. Four years ago Bitcoin futures started trading — the euphoria was short lived and the price of Bitcoin eventually dropped by over 80%. What are digital currencies, if they can be created ad hoc — like monetary presses — and produce an endless supply? Why are digital currencies better than fiat currency if their supply is really not fixed.
(Bloomberg) — Billionaire Tilman Fertitta reached a settlement to pull out of an $8.6 billion deal with a blank-check company that would have taken his restaurant and casino empire public.Most Read from BloombergAnatomy of a Bad RoadThe 15 Best Beers We Drank This YearSand and Soldiers Mix as Troops Move In to Protect Cancun TouristsThe World’s Relentless Demand for Chips Turns Deadly in MalaysiaFormer Oil Trader Is Now Betting on Lumber for SkyscrapersFertitta Entertainment Inc., the parent co
China issued an airworthiness directive on the 737 Max paving the way for its return to service. Is Boeing stock a good buy now?
Apple's (NASDAQ: AAPL) stock hit an all-time high on Dec. 9 after two influential analysts made bullish predictions about the tech giant's future. Wedbush analyst Daniel Ives declared that global demand for the iPhone 13 was still outstripping its supply by about 10 million units, that its holiday sales would be strong, and that Apple's upcoming launch of an augmented reality (AR) headset would significantly boost its sales and profits next year. Morgan Stanley's Katy Huberty claimed Apple's price didn't reflect its upcoming AR, VR, and vehicle-related products yet, and that it would benefit from a "flight to quality" from other stocks. Both analysts have set a price target of $200 on Apple's stock — roughly 14% above its current price.
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out […]
Eight of the 10 were not on 1990’s top-10 list, and all 10 on 1980’s list underperformed the world stock market over the subsequent decade. Arnott illustrated these top companies’ underperformance in another way as well: He constructed a hypothetical portfolio that each year owned the world’s 10-largest companies. Equal-weighting is one obvious alternative, and it has beaten cap-weighting: since 1971, according to data from S&P Dow Jones Indices, the equal-weighted version of the S&P 500 (SPX) has outperformed the cap-weighted version by 1.5 annualized percentage points.
The fracking pioneer Continental Resources and energy explorer EOG Resources both saw large insider stock purchases. So has Cleveland-Cliffs, a steelmaker.