Magna5 Taps Richard Lottie as Chief Executive Officer
Former EDS and managed services executive brings more than 30 years’ industry, vertical market expertise; appointment reflects nationwide push for single provider of managed IT, UCaaS, and IaaS, following four-acquisition ramp-up
Dallas (May 22, 2018) Magna5, NewSpring Holdings’ voice and data managed services platform, today introduced Richard (Rick) Lottie, an IT and telecom services veteran of more than 30 years, as its new chief executive officer.
Findings from a recent Frost & Sullivan survey show an increasing appetite for cloud-based solutions. Of the telecom and IT decision-makers polled, 54% indicated that they’ve moved all or part of their enterprise telephony solutions to the cloud, while 31% plan to migrate within the next couple of years.
“Rick’s appointment marks a pivotal next step in Magna5’s evolution and ascension to one of the nation’s leading providers of managed IT services, unified communications and infrastructure as a service,” said Skip Maner, director, NewSpring Holdings.
Magna5’s expansive portfolio includes managed services, business voice and data services, hybrid network services, in addition to unified communications (UCaaS), infrastructure (IaaS), and software (SaaS) delivered from the cloud. Following acquisitions of X5 Solutions in Seattle, WA, CornerStone Telephone Company in Troy, NY, NovaTel Ltd. in San Antonio, TX, and NetServe365 in Pittsburgh, PA, Magna5 has emerged as a national provider of network, managed IT and cloud services.
Among cloud communications’ most compelling benefits is accessibility to a single application for all communications at a lower price-point. UCaaS, specifically, not only empowers organizations to improve productivity but to also lower costs and increase customer satisfaction by removing prohibitive capital expenses (CAPEX) with a much more affordable subscription-based model.
To conduct business in the 21st century, user experience on the road must mirror that of being onsite. An increasingly remote workforce must have the means to collaborate with their onsite colleagues in real-time from any location, and from the device of their choosing. Outdated PBXs and other antiquated systems cannot meet employees’ need for ‘anytime, anywhere and from any device’ communications. Dependency on these legacy systems hinders productivity and leads to frustration among personnel who feel they’re not supported with the right tools to do their jobs.
“Businesses today either evolve or get left behind, as trying to compete in a digital world with analog tools is an exercise in futility,” said Rick Lottie.
Lottie has served as Magna5 Executive Chairman and Board Member for the past six months, and is replacing Greg Forrest, who has recently stepped down.
Magna5 delivers network services, unified communications (UC), infrastructure technology and managed services to more than 7,500 mid-market enterprise customers nationwide, including leaders within the education, healthcare, government, financial services and beyond. Magna5 offers voice and data services, as well as a host of “above the net” cloud services and operates a proprietary, secure network designed to leverage diversified carriers and infrastructure in targeted points-of-presence (PoPs) throughout the United States, a key strategy for network reliability. Within the managed services offerings, Magna5 provides security services, data backup, recovery management, hosting services, and IT Consulting from their 24/7/365 fully staffed Operations Center. Headquartered in Dallas, Magna5 operates office and network facilities across the country, including Albany, NY; Los Angeles; New York City; Pittsburgh; Portland, OR; San Antonio; Seattle, and Troy, NY. Magna5 is NewSpring Holdings’ voice and data managed services platform. For more information, visit www.magna5global.com.
ABOUT NEWSPRING HOLDINGS
NewSpring Holdings, NewSpring’s dedicated holding company with a buy-and-build strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999 NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $1.7 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.