UPDATED, Feb. 2 -- Private equity-backed Cal Net Technology Group is buying Velocity Network Solutions.
Velocity, headquartered in North Hollywood, California, is a provider of information technology services. Terms of the deal were not disclosed.
Los Angeles-based Cal Net also provides information technology services to businesses and organizations, including support, cloud services, infrastructure design and other communications services. The business is backed by investment firm Boathouse Capital.
Boathouse, headquartered in Wayne, Pennsylvania, makes mezzanine debt and equity investments.
Chicago lender Monroe Capital increased Cal Net’s credit facility so the company could make the acquisition.
There have been several other recent IT deals, including NCI Inc.’s (Nasdaq: NCIT) purchase of Computech Inc. for $56 million, and Ventures Technologies’ merger with Information Systems Consulting Inc. and Strategic Allied Technologies in August.
A previous version of this article published on Jan. 22 incorrectly identified the target as Velocity Network Solutions, an Erie, Pennsylvania-based provider of helpdesk services. The target is Velocity Network Solutions, based in North Hollywood, California.