NewSpring Completes X5 Acquisition
NewSpring Capital announced NewSpring Holdings, the firm’s dedicated control buyout strategy, completed its acquisition of X5 Solutions.
According to Maner, X5’s incoming management team has extensive experience in the telecom industry and knows the importance of investing in advanced technologies and features. Greg Forrest and Rick Hirsh bring decades of executive-level experience serving as founders and CEOs of several large, successful B2B technology service providers and technology integrators.
The company will unveil new offerings that are appropriate for the market as early as late 2015, including extending cloud telecomapplication capabilities, providing a unified communications solution for the retail, wholesale and government market sectors, and helping firms develop and migrate from TDM to SIP technology.
“With our acquisition of X5 Solutions, we see a unique opportunity to build on X5’s reputation for excellence by significantly expanding the company’s operational capacities and broadening the market for its products and services,” said Skip Maner, General Partner, NewSpring Holdings.
“The acquisition of X5 was a central first step in NewSpring’s long-term growth strategy,” explained Greg Forrest, incoming CEO of X5 Solutions. “The goal is to identify strong regional providers like X5 Solutions in a number of NFL-type cities and create a larger geographic carrier footprint to provide expanded communications, cloud and managed services.”
“This is an exciting opportunity for X5 Solutions to transform its infrastructure,” said Richard Reynolds, outgoing PresidentCEO, X5 Solutions. “I leave the company in excellent hands, and am very confident in the new leadership team and their vision to strengthen the brand customers have come to trust for over 15 years. Now, customers can look forward to a further broadening of network coverage and an expanded productservice portfolio – all delivered with the support and favorable cost structure that has positioned X5 as a consistent leader in the enterprise and Government sectors.”
Seattle-headquartered X5 Solutions is a privately held company offering a complete suite of custom telecommunications solutions.