Apex IT Group Announces Transition of Full Ownership Back to its Founder
George Mach, CEO of world-class managed IT provider Apex IT Group, recently completed an investment to acquire all outstanding shares of the company he originally founded in 2007. This transaction was completed with long-time business partners who were instrumental in the company's recent success over the last seven years. The event marks one of a series of pivotal moments in the company's growth as it approaches twelve years in business.
Originally an "early to market" technology firm, Apex IT Group today enjoys a reputation as the leading MSP in the region. While similar MSPs with predictable recurring revenue, high customer retention and healthy EBITDA margins have become targets for lucrative private equity deals, Mach's strategic plan instead includes organized growth and expansion beyond the Greater Philadelphia market, enhanced service offerings and the vision of an employee stock ownership program. "We had a few options including the potential to exit the business in the near term," said Mach, "but I was determined to burn the ships and decided to go all in and double down on Apex."
Together with his partners, Mach built Apex IT Group into a mature MSP with 30 full-time employees, enjoying an annual revenue run rate exceeding $5 million and boasting a spot in the MSP Mentor Top 501 list in 2017. To Mach, the buyout represents the amicable culmination to a successful business partnership between long-time friends and leaders in the IT industry. Gary Pica, Bob Penland and Howard Borochaner's extensive experience in MSP turnaround and coaching has proven instrumental to the success of Apex IT Group. Pica and Penland will continue to train and transform IT providers worldwide through renowned coaching firm, TruMethods. Howard Borochaner will retire as COO of Apex IT Group in July 2018 to pursue his passion as an MSP consultant, helping operational leaders optimize business processes and improve IT project delivery services.
"Howard has been instrumental in my professional growth as an operational leader in IT," says Mach. "He has helped me narrow my focus as CEO to scaling our business to deliver high value technology management services to businesses who depend on technology performance, functionality and security. He has helped me understand how to lead and manage people and maximize their performance to achieve their career goals. I am forever grateful for his mentorship."