Right Networks buys Xcentric
Right Networks, which provides cloud hosting solutions for CPA firms, has acquired Xcentric, a provider of managed IT solutions for firms, for an undisclosed sum. No changes are planned for the organizational structure of either firm, and in the coming months, Xcentric will be branded as Right Networks, Xcentric division.
Both companies were founded in 2002, and according to vice president of sales, marketing and business development for Right Networks Will Yapp, share a common customer and employee-centric approach to business.
“Both companies are very fast growing and very profitable,” Yapp said. “In the near future, both companies will execute on their growth plans for the balance of 2017 and 2018. As an executive team, we’ll work for synergies during 2018, and may execute on a few of those synergies — but in general we’re keeping it business as usual for both organizations.”
The expanded Right Networks will maintain its Hudson, N.H., headquarters, and Xcentric’s offices in Atlanta and Bozeman, Mon., will remain unchanged. Xcentric will continue to offer its cloud solution, and plans to accelerate the growth of this customer base.
The co-founders of Xcentric, Trey and Christian James, will retain their titles of CEO and chief operating officer respectively. The reporting structure under them will remain the same, and Xcentric’s executive team will operate as an “extended executive team” to Right Networks’. Yapp also said there would be no layoffs.
“The Right Networks cloud combined with Xcentric’s complete cloud offer gives the market a wide range of offerings to choose from,” said Right Networks’ CEO and founder John Farrer in a statement. “There is no other company that can match the depth of experience and level of customer support and service we will provide to the accounting and SMB markets.”
“Our team was seeking the right partnership with a company that shared our mission, market focus and core values so we could offer our customers even more value and accelerate our opportunity for growth,” added Trey James. “Right Networks has consistently demonstrated their leadership position in cloud-based accounting and business solutions by providing laser beam focus on the needs of accounting professionals, like we have, and giving their 100,000-plus users outstanding support. We couldn’t be happier to be joining Right Networks.”