SWANZEY — True North Networks, a Swanzey-based company that provides managed IT services and support, was acquired earlier this month by a Westport, Conn.-based private equity firm, according to a news release from the companies this week.
True North, which offers network security and support to independent registered investment advisors (RIAs) and other financial services organizations nationwide, will stay headquartered in Swanzey. Steven Ryder, who founded the company in 2002, will remain True North’s president following Bluff Point Associates’ purchase of the company, which closed March 12, according to the release.
“We’re excited about the next phase in True North’s evolution, which enhances our ability to offer RIAs the most critical and innovative enterprise-level IT solutions that are compliant with regulatory guidance, along with our world-class expertise and support,” Ryder said in the release. “We’re laser-focused on helping our clients use technology to drive their businesses forward securely in any environment and we’re proud that we can continue to grow alongside them.”
Ryder added that the acquisition will not lead to any changes for the company’s 45 employees, all but 10 of whom work out of the Swanzey office. Before the sale, True North was an employee-owned company, meaning every staff member benefited from the transaction, Ryder said.
According to the release, Bluff Point Associates invests in a variety of information services companies, including those in the health-care financial services industries.
“We believe there’s a considerable demand for secure and flexible cloud-based solutions providers that understand how to serve RIAs and the regulatory framework they operate in, and we’re committed to helping True North capitalize on this opportunity,” Bluff Point Managing Director Kevin Fahey said in the release.