IT managed service provider CMIT Solutions has a new owner. It’s HKW, a middle-market private equity firm which bought CMIT from Craftsman Capital.

HKW focuses on growth companies in the U.S. and Canada. The move is part of CMIT’s strategy to double systemwide revenue to $200 million by 2028.

CMIT Solutions’ Roger Lewis

Roger Lewis is CEO of CMIT.

“HKW shares our goal of accelerating our company’s growth while creating more value for our clients,” Lewis said. “Their expertise and support will be instrumental as we achieve the next phase of our maturity through new initiatives in marketing, sales and operations, including adding centralized fulfillment capabilities.”

Based in Indianapolis, Indiana, HKW invests in profitable middle-market companies in the technology sector. As a rapidly growing IT and cybersecurity organization, CMIT is aligned with HKW’s investment focus. CMIT’s revenue surpassed $100 million in 2022, more than a year ahead of its projected timeline. This was through a focus on enhanced marketing, sales and operational efficiencies, the company said.

Simultaneous Acquisition

HKW also announced the acquisition of HTW, an MSP that will serve as the foundation of a corporate affiliate, establishing a nationwide fulfillment center. The program leverages the acquisition of one of CMIT’s top-performing franchisees with existing capacity to serve multilocation accounts. The corporate affiliate will strengthen CMIT’s ability to support larger enterprise customers. A central team of IT and security professionals will provide clients with solutions for larger and more complex projects. Additionally, these resources shared among franchise locations will enable the company to better support clients who need specialized expertise.

The firms did not disclose the financial terms of the transaction.

HKW’s Daniel Kim

Daniel Kim is partner at HKW.

“The MSP and cybersecurity industry continues to expand as businesses seek solutions to address increasing cyber threats and IT complexity,” Kim said.  “We recognize the tremendous opportunity in front of CMIT. We’re excited to be part of helping the company build its scale to meet the growing demand for technology and security services in the coming years.”