Involta, the Cedar Rapids-based information technology and consulting company, has successfully raised $5.2 million.
The $5.2 million is the first part of a larger round that will likely raise between $7.5 and $8 million total. Involta’s private equity group participated in the first $5.2 million and now existing investors will have the opportunity to invest in the rest of the round, Involta CEO Bruce Lehrman told Clay & Milk.
Lehrman says he hopes to wrap up the rest of the round by the end of the year.
The money raised from the round will be designated to Involta’s recent acquisition of IT|Lynk, an IT managed services firm based in Independence, Ohio.
“For us, it’s really about the evolution of services we provide to our clients,” Bruce Lehrman said.
In addition to acquiring IT|Lynk, Involta has acquired two other companies in the last year,
“BluPrairie and Kadium are really a way for us to add the public cloud capability to our portfolio, enabling clients to decide where they want their workload and to build a strategy around what makes the most sense in the new hybrid-IT world,” Lehrman said.
“We definitely wanted to do more work in the public cloud space and have more robust services,” Lehrman said. “So it really came down to can we build all that capability in-house or is it a faster path to do that through acquisition and we decided to do that through acquisition.”
Involta acquires Ohio-based firm IT|Lynk -Dec. 10, 2018
Involta acquires BluPrairie -Oct. 4, 2018