Deal makes use of a SPAC IPO as investment vehicle to address work-from-home technology solutions
ATLANTA–(BUSINESS WIRE)–Navigation Capital Partners (NCP), an Atlanta-based middle market private equity firm, today announced that its portfolio company Computex Technology Solutions (Computex) has completed its business combination with American Virtual Cloud Technologies (NASDAQ: AVCT).
AVCT is a public company focused on the work-from-home technology space; however, AVCT was formerly a publicly-traded special purpose acquisition company (SPAC). This transaction is the first for NCP in a new focus on the use of SPACs as investment vehicles. SPACs have been rising in popularity in recent months; Bloomberg Law reports SPACs comprised nearly 30 percent of all IPOs in the first quarter of 2020.
Computex, a leading IT solutions and Managed Services Provider (MSP), will continue to operate under its own name as a subsidiary of AVCT. Computex delivers solutions for data centers, enterprise networking, cloud computing, cybersecurity, managed services and unified communications.
AVCT was formed by a team that included Larry Mock, managing partner of NCP. Mock remains chairman of AVCT while NCP partner Mark Downs also joined the AVCT board at closing.
AVCT’s new product portfolio will enable AVCT to target mid-market business customers with cloud-based, fully managed unified communications, networking, and managed IT solutions, including remote workforce capabilities.
NCP also announced the creation of a SPAC operations group by appointing as managing directors Bob Willis, formerly president of AVCT, and David Panton, formerly chief strategy officer of AVCT. Ron Coombs, formerly CFO of Mellon Ventures, a $1.4 billion venture capital and private equity partnership, previously formed with Mock, also joins the new group as CFO.
“Adversity sometimes creates opportunity,” said Mock. “This venture creates a stronger, more economically-viable company that is addressing the societal reality of having a dispersed workforce that is becoming more apparent by the day. In a strange way, the current coronavirus threat became the impetus needed to make this combination happen.”
About Navigation Capital Partners
Navigation Capital Partners (NCP) is an Atlanta-based private equity firm making control growth and buyout investments in lower middle market companies. The managers of NCP formerly founded and managed Mellon Ventures, the private equity investment partnership of Mellon Financial Corporation. With the backing of Goldman Sachs Private Equity Opportunities Fund LP, NCP acquired the private equity portfolio of Mellon Ventures in December 2006. NCP currently manages approximately $350 million of invested capital. For more information, visit www.navigationcapital.com.
About Computex Technology Solutions
Computex Technology Solutions is an award-winning solutions provider committed to helping clients grow and evolve their business through technology for over 30 years. Computex is comprised of a talented team of architects and engineers that specialize in delivering solutions for data centers, enterprise networking, cloud, cybersecurity, managed services and unified communications. Computex was founded in 1987 and is headquartered in Houston, Texas with offices throughout the United States. For more information, visit https://computex.net/
About American Virtual Cloud Technologies
AVCT is an integrated IT solutions and managed services provider. AVCT completed a business combination with Computex in April 2020. AVCT, incorporated in 2016, was formerly known as Pensare Acquisition Corp. and changed its name to AVCT in April 2020. For more information, visit www.avctechnologies.com.