Fulcrum eyes $1B revenue with Stoneworks acquisition in Canada
TORONTO, CANADA — Fulcrum IT Partners, a multinational IT solution company, has announced its acquisition of Stoneworks Technologies, a Canadian IT leader.
This marks Fulcrum’s third purchase this year and broadens its Canadian footprint, leveraging Stoneworks’ established relationships with the Canadian Federal Government and public sector clients.
Kyle Lanzinger, President, U.S. & Canada of Fulcrum IT Partners, hailed Stoneworks as an “incredible addition” that would strengthen Fulcrum’s Canadian presence, notably in cybersecurity-as-a-service.
The acquisition is part of Fulcrum’s “land and expand” model, keeping the Stoneworks brand while integrating its offerings into Fulcrum’s extensive services, including cybersecurity, cloud, and consumption-based IT.
Stoneworks Technologies, founded in 2001, has built a $120-million annual revenue business with a team of 25 employees. The Ottawa-based firm provides robust IT consulting, implementation, and integration services to over 500 corporations and government agencies across Canada. It partners with leading vendors like Cisco, Dell, Hitachi, HPE, and VMware.
Stoneworks CEO, Jody Burton, who will join Fulcrum’s Executive Leadership Team, expressed his optimism. “We are excited to join the Fulcrum family and build on Stoneworks’ specializations and excellence in engineering and customer experience,” said Burton.
Mark Lee, Global President of Fulcrum Titanium, emphasized the synergy. “This acquisition allows Fulcrum to build upon our success and grow beyond $1B in revenue by the end of 2023,” he said. “We are excited to bring together the best of both organizations and create more value for our customers locally and worldwide.”
With over a million small and medium-sized enterprises (SMEs) in Canada, Fulcrum and Stoneworks aim to harness the increasing demand for digitization to help these businesses optimize, serve, and scale.
“Helping businesses use technology to achieve better business outcomes is why we’re here and what we do best,” noted Kelly Carter, Chief Strategy Officer of Fulcrum IT Partners.
