GenNx360 backs HBS deal to acquire Applied Tech Solutions
NEW YORK, UNITED STATES — Private equity firm GenNx360 Capital Partners has expanded its technology services platform after its portfolio company Heartland Business Systems (HBS) acquired Applied Tech Solutions, marking the first add-on deal since GenNx360 took control of HBS in October 2025, according to a press release.
Strategic acquisition boosts managed IT services platform
The transaction underscores GenNx360’s strategy to scale middle-market services companies through targeted acquisitions, particularly in high-growth segments such as managed IT and cybersecurity.
Based in Wisconsin, HBS provides end-to-end technology solutions spanning cloud, infrastructure, cybersecurity and managed services to commercial and public sector clients across the United States Midwest.
Applied Tech Solutions, also headquartered in Wisconsin, brings complementary strengths in outsourced IT managed services, cybersecurity, and cloud-based solutions, with a footprint extending into the Rocky Mountain region. The deal is expected to significantly enhance HBS’s service delivery capabilities and geographic reach.
“This acquisition represents the first acquisition by HBS since GenNx360 acquired the platform,” the company said, positioning the move as a foundational step in its broader expansion plans.
HBS CEO Jimmy Buddenberg highlighted the operational benefits of the transaction, particularly in scaling its managed services offering.
“We are excited about the partnership with Applied Tech, whose advanced delivery platform and deep technical bench will meaningfully bolster our managed services business at HBS,” Buddenberg said.
“The acquisition more than doubles the scale of our managed services business and significantly strengthens our managed services platform capabilities,” Buddenberg added.
AI-enabled capabilities drive growth and integration
A key element of the deal is Applied Tech’s AI-enabled service delivery platform, which is expected to improve efficiency and accelerate service delivery across HBS’s customer base.
Applied Tech CEO Daniel Petersen will remain with the combined company as senior vice president of service platforms, helping guide integration and future growth.
“I am excited for Applied Tech to become part of a larger organization and to continue in a leadership role with HBS going forward,” Petersen said.
“Our platform combined with HBS’ deep expertise across a broader set of technology solutions will allow us to continue to generate positive client outcomes and deliver greater value at scale,” Petersen added.
GenNx360 executives described the deal as a pivotal step in building a more robust managed services platform.
“The acquisition of Applied Tech represents a critical step in our evolution, providing our managed service offering greater scale and a delivery platform to prime HBS for accelerated service growth,” said Sean Epps, managing partner at GenNx360 and chairman of the HBS board.
Advisory support for the transaction was provided by Equiteq Securities, which served as exclusive financial advisor to Applied Tech.
The deal reflects a broader trend of consolidation in the IT services and outsourcing sector, where providers are investing in automation, AI-enabled delivery, and cybersecurity capabilities to remain competitive.
As enterprises increasingly outsource complex IT functions, acquisitions like HBS’s purchase of Applied Tech highlight how platform-driven growth and technology integration are reshaping the managed services landscape, enabling providers to deliver scalable, end-to-end solutions in a rapidly evolving digital economy.
