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TPx Communications To Be Acquired By Private Equity As Provider Chases Managed Services Opportunities

Several months after a deal slated to take TPx Communications public dissolved, the service provider has unveiled a new transaction with private equity firm Siris.

Service provider TPx Communications is set to be acquired by private equity firm Siris several months after a deal slated to take TPx public fell through.

TPx Communications, formerly known as TelePacific Communications, in February struck a $343 million deal involving a special-purpose acquisition company, Pensare Acquisition. TPx Communications at the time was slated to go public as TPx Corp. and was to be listed as "TPXC" on the Nasdaq, but the deal was terminated, according to the company.

TPx Monday revealed a new deal in which affiliates of Siris, a private equity firm focused on technology and telecommunications, will acquire the managed services and communications specialist from its investors, which include Investcorp and Clarity Partners.

Terms of the latest transaction were not disclosed.  

[Related: Telecom Legend Richard Jalkut On How TPx Benefits From Big Telco Strategy And How Partners Can Stop Being 'Quoting Engines']

Siris’ acquisition of TPx will help the company accelerate its transition toward becoming a large-scale managed services provider, Ken Bisnoff, senior vice president of strategic opportunities, told CRN.

"The market has changed tremendously from a technology standpoint and the kinds of solutions that customers have been looking for. We are pleased with the progress we have made toward managed services, but there's still a lot more to do," he said.

TPx does about 50 percent of its business through channel partners today. The company's partners are helping to spread TPx's Unified Communications as a Service, (UCaaS) Contact Center as a Service (CCaaS) and managed IT services across a nationwide footprint, Bisnoff said. TPx is also offering managed security and managed SD-WAN services through the channel.

TPx CEO Richard Jalkut and CFO Tim Medina are staying on at the helm of the company. Jim Delis, senior vice president of national channel development, alongside Bisnoff, will continue to lead the Los Angeles-based provider's channel efforts. 

"It's going to be business as usual for the time being—there are no changes expected in the leadership area," Bisnoff said.

TPx, a 21-year old communications and managed services provider, has approximately 30,000 customers and 53,000 customer locations across the U.S., according to the company.

The deal, which is subject to regulatory approval, is expected to close during the first half of 2020, the company said.

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