Atlanta's Riverstone Technology has been acquired by Park Place Technologies, the global data center and networking optimization company based in Mayfield Heights, Ohio, for undisclosed terms.
Founded in 2016 by CEO and owner Barry Anderson, Riverstone Technology offers third-party maintenance and support for storage, network and server devices and serves more than 475 clients across six continents, Park Place said in a statement.
Demand for data centers is up across the nation as companies need more information technology infrastructure to power cloud services and digital products. Emerging technologies such as autonomous vehicles, 5G connectivity and blockchain will continue that growth. The high demand for leasing data centers may translate into an increased demand for maintenance and support.
Atlanta is one of the fastest-growing data center markets in the country.
The acquisition will enable Park Place to leverage its automated monitoring and managed services across Riverstone's client base, Chris Adams, Park Place Technologies' president and CEO, said in the statement.
Park Place is consolidating data center maintenance companies in the global and highly fragmented industry. The Riverstone acquisition is Park Place's third in 2022 and 21st since 2016, the company said.
Park Place has driven much of the consolidation in the third-party maintenance space, said Rob Brothers, program vice president of services for IDC, the provider of market intelligence, advisory services and events for the information technology industry, in Park Place's statement.
"This shows Park Place's commitment to expanding its abilities and a commitment to the third-party maintainer space," Brothers said.
Founded in 1991, Park Place provides services and products to optimize networking and data center uptime and performance. The company is owned by private equity firms Charlesbank Capital Partners and GTCR.
