Cloud solution provider and hosting firm Swizznet purchased RIA-focused IT provider RightSize Solutions, according to an announcement. With the purchase, PE-backed Swizznet is expanding into compliance enforcement and managed technology services. Terms of the deal were not disclosed.
There are no changes to RightSize Solutions’ personnel or services, according to Alyson Nikulicz, spokesperson for the firm.
“It’s business-as-usual,” she said, noting that RightSize CEO Wes Stillman will be staying with the company. The firms’ combination brings the number of total private data centers to eight and “increases Swizznet’s employee base by 60%,” she said, without disclosing the employee head count.
“By far, RightSize has the most secure [IT as a service] solution set in the financial services sector,” Swizznet President and CEO Bob Hollander said in a statement. Swizznet is backed by PE firm Bluff Point Associates.
Swizznet has brought SEC-compliant cloud services to hundreds of firms across the United States for 18 years, added Hollander.
In a statement, Stillman said that advisors using RightSize Solutions will benefit from “better technology solutions for an even broader spectrum of advisors.”