H.I.G. Capital, a private equity firm based in Miami with $69 billion in investments, has made a big move in the tech world by combining two major IT firms. They announced the merger of Converge Technology Solutions and Mainline Information Systems, which has resulted in the creation of a new tech company called Pellera Technologies, valued at $4 billion.

This merger helps H.I.G. Capital expand its reach in the growing tech services industry, particularly in high-demand fields like cybersecurity, cloud computing, and artificial intelligence. These areas have been extremely profitable in recent years.

“We’re focusing more on areas like AI, cybersecurity, hybrid cloud, app modernization, and data management,” said Greg Berard, who is now the CEO of Pellera Technologies. Berard used to lead Converge and will now oversee the merged company’s direction.

Pellera Technologies will be based in Tallahassee, Florida, and will offer advanced technology solutions to large corporate clients. Jeff Dobbelaere, the former CEO of Mainline Information Systems, will take on the role of president and COO of Pellera.

“Our combined strength gives us better relationships with top industry partners, allowing us to offer more solutions to our clients,” said Dobbelaere.

The merger of Converge and Mainline is just one part of H.I.G. Capital’s busy year. The firm has also acquired Quisitive Technology Solutions, a firm specializing in Microsoft Cloud and AI. Additionally, they’ve made investments in GetixHealth, a company that handles billing for healthcare providers.

H.I.G. has also been selling off some of its companies. Earlier this year, it sold Soleo Health, a specialty pharmacy business, to Court Square Capital and WindRose Health Investors. The firm has been active in European real estate as well, buying warehouses in France and a large innovation campus in the UK.

Founded in 1993, H.I.G. Capital has invested in more than 400 companies and currently has over 100 businesses in its portfolio, with total annual sales exceeding $53 billion.

The Pellera Technologies merger was supported by several Wall Street banks, including Guggenheim Securities, J.P. Morgan, Lazard Frères, and BMO Capital Markets, which earned advisory fees from the deal.
Related Post;H.I.G. Capital Creates New Tech Giant with Merger of Two IT Firms