Myriad360 acquires assets of healthcare Superstar F3 Technology Partners, crosses $1bn mark
“Our customers can see that they are going to get the best of both worlds with the local support and people they have been dealing with for many years, but that now is part of a global company that is investing in F3!,” says F3 founder Jeff Monnes
Myriad360 has added deeper industry specialisation by bringing in key assets of healthcare solution provider standout F3 Technology Partners, in a deal that puts its annual revenue across the $1bn mark.
The deal provides more vertical market fast growth fuel for Myriad360, which now has an estimated $1.2bn (£888.9m) in annual revenue and 570 technology professionals.
“This is a significant boost for the Myriad360 healthcare practice,” says CR Howdyshell, the CEO of Advizex, a Myriad360 company.
“I have seen firsthand the success F3 has had in the healthcare market with strong technical talent and deep knowledge of the healthcare industry. This is a win-win-win, a win for F3 customers, F3 employees and Myriad360.”
Under the terms of the deal, Myriad360 is acquiring the assets of F3 Technology Partners, which like Advizex was previously owned by Fulcrum IT Partners.
Terms of the deal were not disclosed.
CRN reached out to Fulcrum IT Partners but had not heard back at press time.
The deal provides Myriad360 with the 30 employees of F3 Technology Partners and a healthcare practice with a customer base that includes one of the top healthcare providers in the Northeast.
Howdyshell, who played a key role in closing the deal, explains that he had developed a strong relationship with F3 and its founder, Jeff Monnes, while they were both working together at Fulcrum IT Partners.
“Having worked with F3 on a day-to-day operational basis I am fully aware of the brand they have built in the healthcare industry.
“It’s rare when you have firsthand knowledge of a business and can make an acquisition like this.
“F3 is a known entity with an outstanding healthcare practice. They understand the customer requirements and have long-standing healthcare relationships in New England.”
Howdyshell says the deal is another example of Myriad360 making investments in a newly acquired company to accelerate sales growth just as it did with Advizex.
“This is all about Myriad360, Advizex and F3 all working together to expand and grow the healthcare practice and the business,” he says.
“Myriad is investing for growth!”
Since Advizex was acquired by Myriad360 in February, the Advizex business has added 25 employees and increased its business by 30 per cent in the last six months, Howdyshell says.
Howdyshell says he expects the same kind of investment and synergies to fuel future growth for the F3 team.
Monnes, who built F3 as a two-person start-up 19 years ago into a $100m business, says he could not be more excited about him and his team joining Myriad360.
‘A phoenix rising’
“We have all been blown away by the Myriad360 culture,” says Monnes, who is joining Myriad360 as GM of the F3 business.
“The onboarding process has been amazing. We are all super excited! This is a huge opportunity for our whole company whether it is sales, engineering or office staff.
“There is an energy and enthusiasm that comes with the opportunity to be part of a bigger company and to be able to grow both professionally and financially. We’re like a phoenix rising!”
Most importantly, F3 customers are “super excited” about the advantages of joining a global company that can provide a broad range of services and solutions including AI consulting, says Monnes.
“Our customers can see that they are going to get the best of both worlds with the local support and people they have been dealing with for many years, but that now is part of a global company that is investing in F3!,” Monnes says.
Monnes credits Myriad360 founder and chief culture officer Andrew Fisher and Myriad360 president and CEO Jay Miley with building a large company that is agile and still feels like a start-up with a strong people-oriented culture.
One sign of the cultural differentiator is Fisher’s focus on culture as chief culture officer, says Monnes.
“Andy’s passion for culture and people is invigorating.
“Andy has reached out to every single employee. He gets it. He knows human capital is the company’s biggest asset.”
Monnes says he got a firsthand look at the Myriad360 momentum at the company’s Sales Halftime midyear sales conference in Chicago two weeks ago.
“Myriad360 is moving at a pace so much faster than anybody else in this business right now,” he explains.
The addition of the F3 team comes with Myriad stepping up its healthcare sales offensive with new top-tier CIO healthcare and life sciences industry talent.
Myriad360 recently hired 16-year healthcare/life sciences veteran Michael Martino, former CIO for life sciences company Repligen, as VP of healthcare and cloud technologies.
“We’re bringing in a full team dedicated to the healthcare market,” highlights Howdyshell.
Howdyshell says adding new CIO healthcare talent to the business mirrors the successful strategy Advizex has used to build out its retail practice with the hiring of Kurt Schnieders, the former CIO of Dick’s Sporting Goods, as president and COO in 2020.
Howdyshell says it is critical to have CIO talent in vertical-market industries to be successful in those markets.
“Customers expect us to understand their business requirements and challenges,” he says.
“You can’t do that without having executives with expertise in those businesses. We have seen the impact of that in retail with Kurt. Myriad360 is going to invest a lot more in vertical markets.”
A plan to double healthcare business
With the addition of the F3 team to the Myriad360 healthcare business, Howdyshell says he expects that healthcare practice to double over the next 18 months.
Howdyshell says he is looking forward to working closely with the F3 team to build out the healthcare business and other enterprise accounts.
For example, the F3 team also has a robust consumption-based cloud business which will benefit Myriad360’s burgeoning everything-as-a-service business, says Howdyshell.
“We’re going to really accelerate their momentum and opportunities in healthcare and in new enterprise accounts.”
As for the future outlook for Myriad360, Howdyshell says: “Myriad continues to invest for growth and it is clear that acquisitions are going to be a big part of that.”
Monnes, for his part, says he is excited about bringing customers the new capabilities and solutions that come with being part of Myriad360.
“It’s very exciting to be able to solve a wider set of problems for customers with the services and knowledge that is at Myriad360,” he says.
This article originally appeared on CRN UK sister website CRN.