Upstack Acquires 2 More Agencies, Bolsters Intelisys Partnership

Subsidium was Intelisys' first platinum plus partner.

James Anderson, Senior News Editor

February 24, 2022

3 Min Read
Upstack Acquires 2 More Agencies, Bolsters Intelisys Partnership
Book about Merger And Acquisitions M&A on a desk.

Upstack continues to put its private equity war chest to use, closing the acquisition of two new technology sales agencies.

Subsidium Technologies and DVP Technologies have joined forces with New York City-based Upstack, which has inorganically grown to be the largest agency in the technology advisory channel. Upstack is harnessing a $50 million equity investment from Berkshire Partners and a $100 million line of credit from MidCap Financial and Morgan Stanley Private Credit. Upstack has acquired more than 20 agencies.

New York-based Subsidium founded in 2002. CEO John Bova left WorldCom in 1995 to found his own agency. He later joined forces with Ed Degenhart, a former Qwest and IKON account executive.


Upstack’s John Bova


Upstack’s Ed Degenhart

“We wanted to provide the best solutions for customers instead of working within the boundaries of our employers’ services,” Degenhart said. “As independent agents, we had the versatility and vendor diversity to put custom packages together for our clients.”

The company went on to garner multiple awards, including reaching platinum status with Intelisys for $1 million in recurring monthly billings. Reaching $1.5 million in monthly recurring revenue gave Subsidium the status of Intelisys’ first platinum plus partner.

The acquisition bolsters Upstack’s relationship with Intelisys. It announced the purchase of palladium Intelisys partner RDS Solutions last week.

Bova and Degenhart now are partners and managing directors at Upstack. Additional Subsidium employees will also join the company, Upstack said.

“Ed and I started this business with the dream of becoming successful while providing the best possible service to our customers,” Bova said. “We’re excited to continue this journey with Upstack who has a shared vision of exemplary service and continued growth. Upstack has earned a great, nationally known reputation, and we’re proud to be a part of the team.”


Connecticut-based DVP launched in 2000. Its founders, Thomas Luciano and Michael Rafferty, previously worked at Cable & Wireless, as did John Bova. They ran their own advisory firms before teaming up.


Upstack’s Michael Rafferty

DVP offers a specialization in financial and legal firms, and the company lists large enterprises as its main customer demographic.

Rafferty and Luciano picked Upstack out of a list of four suitors. They said Upstack’s option allowed them to stay at the company they founded. They will work as partners and managing directors for the combined company, and director of operations Eric Nygard will stay as well.

“We came to like the folks at Upstack and [CEO] Christopher Trapp’s vision to grow the business beyond the acquisition,” Luciano said. “It was clear there was a deep organization and that he was planning ahead. Combined with the quality of advisors they’re bringing on board, Upstack seemed to be a perfect fit for us.”


Upstack’s Thomas Luciano

Rafferty noted that Upstack’s technology purchasing platform impacted DVP’s decision to join forces. But more importantly, he pointed to the “instant economies of scale” Upstack provides.

“Being part of Upstack opens up a whole new suite of products and services that our customers can source,” Rafferty said. “And the presales and post-sales resources now at our disposal will enable us to maintain a high-touch experience for our customers as we grow.”

Trapp this week earned recognition as co-Channel Influencer of the Year from Channel Futures.

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About the Author(s)

James Anderson

Senior News Editor, Channel Futures

James Anderson is a news editor for Channel Futures. He interned with Informa while working toward his degree in journalism from Arizona State University, then joined the company after graduating. He writes about SD-WAN, telecom and cablecos, technology services distributors and carriers. He has served as a moderator for multiple panels at Channel Partners events.

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