New Charter Technologies: Company Profile

Background

Overview

New Charter Technologies, established in 2019 by founder Mitch Morgan and private equity firm Oval Partners, is a leading provider of managed IT services across North America. The company has rapidly expanded its footprint by integrating over 20 high-performing managed service providers (MSPs) into its portfolio, serving small to medium-sized businesses across various industries.

Mission and Vision

New Charter Technologies is dedicated to transforming IT from a necessary expense into a strategic driver of business success. By combining local expertise with national resources, the company aims to deliver tailored IT solutions that enhance productivity, security, and overall business performance for its clients.

Primary Area of Focus

The company's primary focus is on providing comprehensive managed IT services, including cybersecurity, cloud solutions, network management, and digital transformation strategies. By leveraging a vast network of partner companies, New Charter Technologies offers scalable and customized solutions to meet the diverse needs of its clientele.

Industry Significance

New Charter Technologies has established itself as a significant player in the managed IT services industry. Its rapid growth and strategic acquisitions have positioned the company as a leading MSP, recognized for its commitment to innovation, customer satisfaction, and operational excellence.

Key Strategic Focus

Core Objectives

Expansion and Integration: Continuously expanding its portfolio by integrating high-performing MSPs to enhance service offerings and market reach.

Innovation and Modernization: Investing in modernizing core services, including the adoption of AI and application management, to stay ahead of technological advancements.

Customer-Centric Approach: Fostering deep relationships with clients to deliver tailored solutions that align with their specific business needs and objectives.

Specific Areas of Specialization

Cybersecurity: Implementing advanced security measures to protect clients from evolving cyber threats.

Cloud Solutions: Providing scalable and secure cloud services to enhance business agility and efficiency.

Digital Transformation: Assisting businesses in modernizing their IT infrastructure and processes to drive innovation and growth.

Key Technologies Utilized

Artificial Intelligence (AI): Integrating AI-driven solutions to optimize operations and deliver proactive IT support.

Cloud Computing: Leveraging cloud platforms to offer flexible and scalable IT services.

Advanced Cybersecurity Tools: Utilizing state-of-the-art security technologies to safeguard client data and systems.

Primary Markets Targeted

New Charter Technologies primarily targets small to medium-sized businesses across various industries, including healthcare, finance, manufacturing, and professional services. The company's services are designed to meet the unique needs of these sectors, providing tailored IT solutions that drive business success.

Financials and Funding

Funding History

As a portfolio company of Oval Partners, New Charter Technologies has undergone multiple funding rounds to support its expansion and acquisition strategies. Specific details regarding total funds raised and individual funding rounds are not publicly disclosed.

Recent Funding Rounds

While exact figures are not publicly available, New Charter Technologies has secured significant investments to fuel its growth initiatives, including strategic acquisitions and service modernization efforts.

Notable Investors

Oval Partners, a Palo Alto-based private equity firm, is the primary investor in New Charter Technologies, providing the capital and strategic guidance necessary for the company's rapid expansion and success.

Utilization of Capital

The capital raised has been utilized for:

Acquisitions: Integrating additional MSPs to expand service offerings and geographic reach.

Service Modernization: Investing in the development and implementation of advanced technologies, including AI and cloud solutions.

Operational Expansion: Enhancing infrastructure and resources to support a growing client base and service portfolio.

Pipeline Development

Key Pipeline Candidates

New Charter Technologies continues to evaluate and integrate additional MSPs to strengthen its service capabilities and market presence. Specific details regarding pipeline candidates are not publicly disclosed.

Stages of Development

The company is in the process of identifying and negotiating with potential MSPs for future integration, focusing on entities that align with its strategic objectives and cultural values.

Target Conditions

New Charter Technologies seeks MSPs with:

Established Market Presence: A strong reputation and client base in their respective regions.

Complementary Service Offerings: Services that enhance or expand New Charter's existing portfolio.

Cultural Alignment: A commitment to customer satisfaction, innovation, and operational excellence.

Anticipated Milestones

The company aims to finalize partnerships and integrations within the next 12 to 18 months, with specific timelines dependent on negotiation and due diligence processes.

Technological Platform and Innovation

Proprietary Technologies

New Charter Technologies leverages proprietary methodologies, such as its Digital Transformation Methodology, to guide clients through continuous improvement in operations, processes, and systems.

Significant Scientific Methods

Digital Transformation Methodology: A structured approach that aligns technological solutions with clients' financial and operational objectives to drive measurable results.

AI Integration: Utilizing artificial intelligence to enhance service delivery, predict client needs, and optimize IT operations.

Leadership Team

Executive Profiles

Peter Melby – Chief Executive Officer (CEO): With extensive experience in the IT services industry, Peter leads New Charter Technologies, focusing on strategic growth, innovation, and client satisfaction.

Mitch Morgan – Founder and Executive Chairman: As the founder, Mitch has been instrumental in establishing and expanding New Charter Technologies, driving its vision and strategic direction.

Geoff Boyd – Chief Financial Officer (CFO): Geoff oversees financial operations, ensuring fiscal responsibility and supporting the company's growth initiatives.

Ryan Davis – Chief Information Security Officer (CISO): Ryan is responsible for the company's cybersecurity strategy, safeguarding client data and IT infrastructure.

Key Contributions

Peter Melby: Under his leadership, the company has modernized core services and expanded its market presence.

Mitch Morgan: His vision and strategic guidance have been pivotal in the company's rapid growth and success.

Geoff Boyd: Ensures financial stability and supports strategic initiatives through effective financial management.

Ryan Davis: Enhances the company's cybersecurity posture, ensuring robust protection for clients.

Competitor Profile

Market Insights and Dynamics

The managed IT services industry is experiencing rapid growth, driven by increasing reliance on technology, the need for robust cybersecurity, and the demand for digital transformation solutions. Companies like New Charter Technologies are well-positioned to capitalize on these trends through strategic acquisitions and service innovation.

Competitor Analysis

Key competitors include other large MSPs and regional providers that offer similar services. New Charter Technologies differentiates itself through its unique acquisition strategy, integrating high-performing MSPs while preserving their individual cultures and client relationships.

Strategic Collaborations and Partnerships

The company's partnership with Oval Partners provides the capital and strategic guidance necessary for its expansion and success. Additionally, collaborations with technology vendors enable New Charter Technologies to offer cutting-edge solutions to its clients.

Operational Insights

New Charter Technologies' approach to integrating MSPs allows for operational efficiencies and a broader service portfolio, enhancing its competitive advantage in the market. The focus on preserving company cultures and client relationships contributes to high client retention and satisfaction.