Gores Group Makes IT AcquisitionsTuesday, July 3, 2012
The Gores Group said that its new fund targeting smaller businesses has acquired two technology companies.
The Westwood investment firm headed by billionaire financier Alec Gores said late Monday that Gores Small Capitalization Partners LP acquired Idea Integration Corp., an IT company based in Jacksonville, Fla. Idea specializes in application services, infrastructure, customer support and mobile communications.
“Idea has established itself as a key provider of project-based IT solutions and support services,” said Gores Group Managing Director Victor C. Otley in a statement.
The seller was Adecco Group North America of Melville, N.Y., a unit of Adecco Group of Zurich-Glattbrugg, Switzerland. Adecco is a large recruitment and human resources firm.
It also sold to Gores the North American operations of Glotel, a mobile communications network services and staffing solutions provider based in Chicago. Glotel provides wireless infrastructure services.
“Glotel has established itself as a key provider of project and staffing services to the mobile communications industry in North America,” Otley said in a separate statement, noting that the investment firm sees the deals as a way to further expand into mobile communications services.
Terms of the acquisitions were not disclosed.
The Gores Group closed $300 million in fund raising in March for Gores Small Capitalization Partners, its fourth private equity fund. The fund targets companies smaller than those sought for its $2 billion flagship fund, Gores Capital Partners III L.P.