H.I.G. Capital News
Kevin Van Culin
One Sansome Street
San Francisco, CA 94104
H.I.G. Capital Portfolio Company, Milestone Technologies, Acquires IT Managed Services Provider Covestic
Covestic amplifies Milestone’s ability to drive IT transformation for its clients through deep expertise in ServiceNow and IT Managed Services
SAN FRANCISCO – January 11, 2021 - H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $43 billion of equity capital under management, announced today that its portfolio company, Milestone Technologies (“Milestone” or the “Company”), has acquired Covestic, based in Kirkland, WA., to extend the Company’s footprint to the Pacific Northwest and bolsters its IT Managed Services portfolio.
Covestic brings fifteen years of experience in IT Service Management and IT operations across many industries. The company helps their clients drive digital transformation with their wealth of hands-on service management experience, intellectual property and a track record of successful ServiceNow implementations. Covestic’s highly skilled consultants collaborate closely with their clients to provide the right solutions and approach to ensure streamlining of the management and delivery of IT services.
“I am thrilled to welcome the Covestic team, their customers and partners to the Milestone family. We are very excited about the capabilities they add to the Milestone services portfolio. Our two teams will collaborate to drive innovation and significant value for our combined clients,” said Sameer Kishore, Milestone’s President and CEO. “Covestic and Milestone share very similar values with a strong focus on employee experience providing best-in-class services to clients utilizing a high-touch model.”
“We are excited to be joining the Milestone family and I am looking forward to working with our new colleagues to continue to deliver world-class services and solutions to our clients,” said John Schaffer, President and CEO of Covestic. “Given Milestone’s service portfolio and presence in over 36 countries, we now have a broader set of capabilities with which to help our clients in their global transformation journeys. This acquisition also provides our employees with greater opportunities for career growth and development.”
Kevin Van Culin, Managing Director of H.I.G. Capital, commented, “We continue to be excited about the growth opportunities for Milestone. The acquisition of Covestic expands Milestone’s suite of services and enhances the company’s capabilities to provide best-in-class solutions to our clients. We are particularly excited to bring Covestic’s ServiceNow capabilities to Milestone’s global customers.”
About Milestone Technologies
Milestone Technologies is a managed services provider based in Silicon Valley and has been providing diverse IT Managed Services since 1997, helping hundreds of leading corporations deliver technology around the globe. The company employs 2,600+ industry professionals, serves 200+ clients, and operates in 36 different countries. For more information, please visit www.milestone.tech and follow Milestone Technologies on LinkedIn https://www.linkedin.com/company/milestone-technologies
Covestic, headquartered in Kirkland, WA, has deep expertise in IT Managed Services and ServiceNow as well as the key business processes that ServiceNow enables to include IT Service Management (ITSM), IT Operations Management (ITOM), Customer Service Management (CSM), Security Operations (Security Ops) and Governance Risk and Compliance (GRC). As a partner vested in the ongoing success of their customers, Covestic offers expertise spanning implementation, roadmap planning, platform enablement and managed services for the ServiceNow platform and other IT Managed Services capabilities. For more information, please visit www.covestic.com
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $43 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.