When businesses determine that expansion is needed in order to meet the needs of their consumers, they may consider acquiring additional companies. The process of mergers and acquisitions can be complex however, and may require the support of an objective third party. Recently, one Georgia technology firm has decided to extend its service by acquiring another firm.
Velocity Technology Partners based in Atlanta and Athens has acquired Athena Technology. The companies were mutually agreeable to the acquisition. Athena reportedly was in the market for support from a higher-level firm. Velocity was looking to expand its services to the Athens area.
The acquisition reportedly was well planned and Velocity fostered positive relationships during the process with customers. Meetings were held and clients were informed of changes in cost and services. The goal according to Velocity co-owner is to keep it personal, and not just take over Athena without consideration for what the company is used to.
Velocity’s customer base reaches from Georgia to Mississippi and the Carolinas. The roots of the company are located in Athens with offices also in Atlanta. The technology services offered by Velocity include the areas of law, manufacturing and healthcare. With the new acquisition of Athena, their customer base will likely expand, keeping the company growing.
Mergers and acquisitions can be challenging for businesses to navigate. Though in the case of Velocity and Athena, the process was positive and well received, that is not always the case. In cases where there are loose ends or unforeseen difficulties, the process of merging with or acquiring another business may become more than a business can handle alone. Thankfully, businesses can seek the right support to help them through the process successfully.
Source: OnlineAthens.com, “Velocity Technology Partners acquires local information technology firm,” Satyam Kaswala, Nov. 3, 2012