Cincinnati, Ohio--(Newsfile Corp. - December 2, 2024) - CBTS, a leading provider of IT services and solutions to Fortune 1000 organizations across North America, today confirmed the completion of its acquisition by TowerBrook Capital Partners, marking a major milestone in the evolution of the company.
TowerBrook announced its intent to acquire CBTS from parent altafiber in February 2024, signaling a commitment to invest in the company's potential as a trusted IT partner to customers navigating the evolving technology landscape.
"As digital transformation, data analytics, and AI reshape our customers' business processes and IT infrastructure, we are continually advancing our capabilities to deliver innovative technology solutions," said Jeff Lackey, President and CEO of CBTS. "This accelerates our customers' ability to harness the power of industry-altering technologies, a top priority for many business leaders. TowerBrook's vision and strategic investments will support CBTS' growth in these areas, fueling our expansion in the markets we serve."
Coinciding with the close of the acquisition, CBTS is pleased to announce its newly appointed board of directors, whose distinguished expertise will guide the company in its next phase of expansion. The board includes industry visionaries with extensive experience leading technology companies through periods of exponential growth.
In addition to leaders from TowerBrook and CBTS, the board includes the following esteemed industry veterans:
Abidali Neemuchwala (Abid): The board will be chaired by Mr. Neemuchwala, a prominent figure in the global IT services sector, recognized for his transformative leadership and commitment to maximizing shareholder value. With over 32 years of experience, he has consistently driven market differentiation and profitability through innovative strategies. Mr. Neemuchwala began his career at Tata Consulting Services, rapidly advancing to lead their BPO business to $2 billion in revenue. As CEO of Wipro, he managed over $8 billion in revenue and 185,000 employees, significantly boosting the company's digital services and customer satisfaction.
Rick Snyder: Mr. Snyder, a tech industry veteran, serves on the boards of Neat, Disruptive Technologies, and Saviynt, and now CBTS. He retired as Senior Vice President at Cisco Systems in 2019 after a successful career spanning over 30 years in the technology sector. Mr. Snyder played a significant role in scaling TANDBERG to over $1 billion in revenue before its acquisition by Cisco in 2010. He also served on the boards of tech start-ups Ava Security and Next DLP, contributing to their successful acquisitions by Motorola and Fortinet, respectively.
Jerry Leamon: Mr. Leamon is a distinguished business leader with extensive experience in the accounting and consulting sectors. He served as a Global Managing Partner at Deloitte, where he played a pivotal role in shaping the firm's tax and legal services. A graduate of the University of Cincinnati with a BBA in Accounting, he became a CPA in 1975. Throughout his career, Mr. Leamon has held various leadership positions, including roles on the boards of Korn Ferry and AmeriCares.
These accomplished leaders bring not only vast industry expertise but also incredible business acumen that will help guide CBTS through the next phase of its evolution. "We are excited about our future with TowerBrook and this exceptional board of directors," said Lackey. "They will not only position CBTS for rapid growth, but also elevate the innovation we deliver to our valued clients."
For more information on the closing announcement click here.
About CBTS
CBTS (#43 CRN Solution Provider 500) serves enterprise and midmarket clients in all industries across the United States and Canada. CBTS combines deep technical expertise with a full suite of flexible technology solutions-including Generative AI, Application Modernization, Managed Hybrid Cloud, Cybersecurity, Unified Communications, and Infrastructure solutions. From developing and deploying modern applications and the secure, scalable platforms on which they run, to managing, monitoring, and optimizing their operations, CBTS delivers comprehensive technology solutions for its clients' transformative business initiatives. For more information, please visit www.cbts.com.
Media Contact
Roger Hamshaw
Director, Marketing
416.312.6244
roger.hamshaw@cbts.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231898
SOURCE: CBTS
