‘Just the beginning’ — Venture Technologies merging, acquiring companies
In 1986 when Gerard Gibert was looking to grow his business that would become Venture Technologies, he was dismayed when a local banker told him that he thought everyone had all the computers they needed. The banker saw no future for Gibert’s new enterprise.
Gibert can laugh about that now.
Just this month, Venture announced a pending merger with Colorado-based technology solution provider Information Systems Consulting Inc. (ISC), as well as the acquisition of another provider, Strategic Allied Technologies (SAT), which is based in Alabama.
Both transactions are scheduled to close next month. Terms were not disclosed.
After the merger with ISC and the acquisition of SAT, Venture, a privately held information technology solutions provider headquartered in Ridgeland, will be comprised of 205 members, including 14 executives, 61 account managers, 11 technical architects, 101 engineers and 18 operational staff. In addition to its current locations in Mississippi, Alabama, Louisiana and Tennessee, this merger adds physical locations in Denver, Colo., and Casper, Wyo.
“This is just the beginning,” said Gibert, who co-founded Venture with Norman Katool. “Change is one of the exciting parts of our industry — you never know what tomorrow will bring. Five years from now, we’ll be offering solutions that are just a twinkle in someone’s eye today. That’s why we are merging with ISC and acquiring SAT.”
ISC is a provider of advanced technology solutions, specializing in the design, deployment and ongoing management of those solutions for customers in commercial enterprises, education, banking and finance, city, county and state government entities and health care institutions. Founded in 1998 in Casper, Wyo., and headquartered in Denver, ISC operates in Colorado, Wyoming, New Mexico, Idaho, California and Utah.
The combined companies will operate as Venture Technologies. Gibert and Katool will remain in their positions as CEO and CFO, respectively. Gibert will now serve as chairman of the board, and ISC founder and CEO Win Farnsworth will assume the position of president.
“By combining resources with ISC, Venture will not only expand our footprint, but our financial and technical resources, as well,” said Gibert. “Additionally, ISC shares similar business values, including respect for all individuals, unwavering integrity, superior technical proficiency and the highest standards of customer service. The Venture brand will remain and will be greatly enhanced by ISC’s capabilities and legacy in the Rocky Mountain region.”
Farmsworth said, “This merger creates an outstanding platform to continue our strategy to expand on a national level through strategic acquisitions. We have several firms that we have engaged in discussions, and we will work through them to find those that share our vision and values as we continue to expand our national presence.”
SAT, which is headquartered in Hoover, Ala., creates customized IT solutions.
Bill Valentz, the founder and CEO of SAT, said, “We have known the Venture Technologies team for many years, and really respect their vision and effort in scaling the organization. By joining with Venture, our team will have access to new core competencies, technical credentials and operational tools that will enable us to significantly grow our business in existing accounts and penetrate new ones. I am excited to get started.”
Venture is anxious to get started, too. When Gibert and Katool founded Venture, they budgeted monthly revenues at roughly $40,000. With the ISC merger and SAT acquisition, Venture’s revenues are expected to be approximately $12.5 million per month.
When asked about the future, Gibert again said he didn’t know where the industry was headed, only that Venture would be there to take part. He said when he started, he envisioned a $1-billion company, but he doesn’t want to be governed by even that figure.
“Our objective is to scale Venture to a much larger organization with expanded capabilities that will enable us to offer new solutions, serve a broader market and continuously enhance the world-class ‘Venture Experience,’” said Gibert.
For more on Venture Technologies, visit www.ventech.com.
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