Cherry Tree Advises Renodis in Acquisition of The Eric Ryan Corporation
Renodis Announces Acquisition of The Eric Ryan Corporation
Renodis expands utility and telecom management services with the addition of The Eric Ryan Corporation
Renodis, a leading telecom management firm, announced the acquisition of The Eric Ryan Corporation, a utility and telecommunications management solutions provider headquartered in Ellwood City, Pennsylvania. By joining companies under the Renodis umbrella, both firms, employees, partners and most importantly clients will all positively benefit from the combined breadth and capabilities.
“We are excited to welcome the ERC team and its clients to our company,” commented Craig Beason, CEO and Owner of Renodis. “This is our fifth acquisition on our continued growth journey and will expand our brand along the East Coast. Renodis’ most important priority has always been ensuring the resiliency of our clients’ connectivity, advising on the right technologies, and providing best-in-class managed solutions. Keith and his leadership team have built a tremendous customer experience for businesses under their Utility and Telecommunications Expense Management services. This will add value to our clients and provide new offerings to help them reduce costs and increase resiliency.”
The CEO of The Eric Ryan Corporation (ERC), Keith Venezie and employees will continue to serve ERC clients as a subsidiary of Renodis, operating as: ERC, a Renodis Company.
Keith Venezie, said, “I am delighted by the synergy between ERC and Renodis. Our missions and company values are very similar – to ensure our clients have access to the industry’s best outcomes and lower costs. We look forward to the positive impacts of our team joining Renodis and the new added value we can provide to our clients.”
For 20 years, Renodis has paved the way in client-centric connectivity technology solutions, driving a shift to end-to-end outsourced management. With solutions focused on Consulting, Sourcing, Lifecycle Management, and Expense Management, Renodis serves client’s full telecommunications and mobility environments. The Renodis Promise is to free IT leaders from telecom frustration while saving time, money, and increasing productivity.
Minneapolis based Cherry Tree & Associates served as the investment banking advisor to Renodis, and Faegre Drinker Biddle & Reath LLP served as their legal advisor on the transaction.
Pittsburgh based Gleason Advisors served as the investment banking advisor to Eric Ryan Corporation, and Meyer Unkovic & Scott, LLP served as their legal advisor on the transaction.
Renodis is a Connectivity Technologies Consulting, Sourcing, and Managed Services firm. We help enterprises accelerate their copper-to-cloud journey resulting in less frustration from managing legacy technologies and suppliers, better utilized IT talent, and improved support experience for their offices and people. All while client experience skyrockets and IT costs are reduced. A Saint Paul, Minnesota-based company since 2002, Renodis has helped hundreds of organizations with their communications technology transformations. Find out more at http://www.Renodis.com.
About The Eric Ryan Corporation
The Eric Ryan Corporation (ERC) has been in operation since 1990 providing utility and telecommunications consulting and auditing services to over 11,500 customers throughout the US and Canada. Based near Pittsburgh, PA, the company has been a leader in the hospitality industry and one of the nation’s largest and well-recognized utility and telecommunication consulting and management firms. ERC specializes in cost reduction through bill analysis, utility bill consulting, telecommunications bill consulting, rate reviews, and energy management services including energy incentives, energy rebates, and energy efficiency grants. Their telecommunication services include 24/7 help desk, cellular optimization, telecom services pricing, network design, circuit monitoring, security, and new construction management. ERC has provided cost-savings solutions for thousands of businesses in the educational, governmental, hospitality, commercial, retail, health care, non-profit, and industry sectors of the marketplace.
About Cherry Tree & Associates
Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services.
Cautionary note regarding forward-looking statements.
This announcement includes forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Such statements are based on current expectations, and actual results may differ materially. The forward-looking statements in this announcement are subject to a number of risks and uncertainties including, but not limited to, the possibility of continuing operating losses, the ability to adapt to rapid technological change, cost and difficulties we may face in integrating the businesses of XATA and GeoLogic Solutions, dependence on positioning systems and communication networks owned and controlled by others, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products, the ability to fund future research and development activities, the ability to establish and maintain strategic partner relationships, and the other factors discussed under “Risk Factors” in Part IA, Item 1 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2008 (as updated in our subsequent reports filed with the SEC). These reports are available under the “Investors” section of our Web site at www.xata.com and through the SEC Web site at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.