Olmec Systems Joins Best in Class Managed Service Provider, New Charter Technologies

Bringing Enhanced Value and Capabilities for Employees and Clients

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Dec 03, 2020, 08:38 ET

PALO ALTO, Calif., Dec. 3, 2020 /PRNewswire/ -- New Charter Technologies, a portfolio company of Palo Alto based private equity firm Oval Partners, today announced the acquisition of Olmec Systems, Inc. With 34 years of experience in the MSP market, Olmec boasts more than 5,000 endpoints serviced in the NJ/NYC and metro Atlanta markets.

As New Charter's roster of North American MSPs continues to grow, Olmec Systems, is a welcome addition to New Charter. Mitch Morgan, New Charter Technologies CEO explains, "Chris and Jason have built a great culture, with a highly tenured group of professionals. The Olmec team has consistently added to their loyal client base over a long period of success. They bring a wealth of capabilities to New Charter."

With a desire to continue to grow their business and stay active in the future of managed services, Olmec Owner and CEO Chris Forte explained why New Charter was the right fit for Olmec, their employees and clients, "New Charter brings new things to the table that are going to help us grow. Things that we haven't had in the past that are very appealing. I am really looking forward to that aspect of it". Co-owner Jason Manteiga agrees, "We have a great environment at Olmec! We enjoy everyone we work with and our team. Now, joining forces with other successful business professionals with a lot of experience and expertise… the other Owners, New Charter and Oval Partners… It's really exciting to see where this all goes."

New Charter Technologies offers founders of high performing MSPs a uniquely compelling opportunity to reinvest alongside Oval Partners in the continued growth of the business. New Charter companies are all industry-leading, Best-in-Class (top quartile) MSPs. Features of this unique partnership include:

An unprecedented Ownership Model in which owners are able to take cash off the table and re-invest in New Charter in a single class of shares alongside Oval's investment
Owners continue to run their respective businesses and become a part of New Charter's leadership team tasked with building New Charter to achieve standing as a leading national MSP
New Charter Technologies' operating model includes strategic leadership and a highly successful capital provider with permanent capital

According to John Knoll, Co-Founder and Managing Director at Oval, "The addition of Olmec Systems represents the 7^th high quality MSP addition to our New Charter investment. We are pleased to partner with Chris and Jason to build out our North American-wide platform."

Though the acquisition is still relatively new Olmec is happy with how things have gotten started and is looking forward to a successful future. "It's been a great experience so far and I have no doubt it will continue to be," said Jason. Chris continued, "(already) members of our team can see that this is going to be a great thing for our whole company."

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MEDIA CONTACT

Dan Escovitz
Oval Partners
[email protected]
312.375.0050

SOURCE New Charter Technologies