A consortium of investors led by Cerberus Capital Management has sold DecisionOne to Glodyne Technoserve for approximately $104 million, which includes $23 million in stock. DecisionOne provides IT maintenance and support solutions and emerged from bankruptcy in 2002 under the ownership of Cerberus, DLJ Merchant Banking Partners, Apollo Investment Management, Bain Capital, Thomas H. Lee Partners and Goldman Sachs. The deal is expected to close by the end of next month.
There have been 123 completed or announced deals in the Information Technology Services industry since the beginning of 2007, according to the PitchBook Platform. Deal activity in the industry has been on a slow decline over the past few years with 49 deals in 2007, 35 deals in 2008 and 26 deals in 2009. However, with 13 deals so far this year, 2010 is on track to possibly match or even exceed last year's deal total. 34 investors have made multiple investments in companies that primarily provide IT services. The most active include GS Capital Partners, Thoma Bravo, ABRY Partners, One Equity Partners and Catalyst Investors, which have all participated in 3 deals.