All Covered, the division of Konica Minolta, has acquired two more managed services providers (Thinsolutions and PC Solutions) in a quest to become the U.S.’s largest IT services provider to small businesses. To achieve that goal, All Covered will need to combine organic growth and targeted M&A success while leapfrogging the likes of Best Buy’s mindSHIFT business.

I don’t know All Covered’s annual recurring revenues, but I believe mindSHIFT pushed beyond the $100 million annual revenue mark before Best Buy (NYSE: BBY) acquired mindSHIFT in late 2011. Both companies are ranked near the top of our fifth-annual MSPmentor 100 report, which debuted in February 2012.

When Konica Minolta acquired All Covered in January 2011, MSPmentor openly wondered if the deal would end All Covered’s own M&A expansion strategy. But All Covered President Todd Croteau insisted that his business would continue to buy MSPs and IT service providers.

Croteau delivered on that statement. All Covered has acquired 10 regional IT services companies over the past two years. The two most recent acquisitions involve Cleveland-based Thinsolutions and Minneapolis-based PC Solutions.

In a prepared statement, Croteau said the goal is to give small businesses the same, high-quality IT resources that Fortune 500 companies enjoy. The trick: Delivering those high-quality IT services on a small business budget.

All Covered has offices in 25 cities and employs more than 300 engineers.