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SAN FRANCISCO, Sept. 3, 2025 /PRNewswire-PRWeb/ — Today, Evergreen, a family of managed IT services and software partners, and its dedicated ERP vertical, Pine Services Group, announced the acquisition of Equation Technologies, a top-tier Sage partner with offices in the U.S. and Canada. Equation is known across the industry for its high-quality client service, trusted reputation, and numerous industry accolades, including Accounting Today’s Top 100 VARs, Bob Scott’s VAR Stars, and the Sage President’s Circle Award.

Founded in 2001, Equation Technologies has built a 25-year legacy of delivering Sage 300, Sage Intacct, and related ERP solutions to mid-sized organizations across sectors, including distribution, financial services, nonprofit, education, healthcare, and professional services. Cloud ERP adoption continues to accelerate, with over 53% of organizations implementing these systems for cost efficiency and operational benefits. Within Pine’s portfolio, Sage has emerged as a key software amongst our community of customers.

“Equation Technologies has built a reputation for delivering high-quality Sage implementations with precision and care. Their commitment to client success and operational excellence aligns perfectly with our values at Pine. We’re excited to support the continued growth of their Sage Intacct practice and to help scale their impact across the market.” Dustin Anderson, President of Pine Services Group.

“Evergreen’s model is built on acquiring exceptional businesses and empowering them to keep doing what they do best. That’s exactly what they’re doing with Equation,” said Erica Burles, President of Equation. “Our clients will continue working with the same team they’ve always trusted, and our commitment to delivering practical, thoughtful ERP solutions remains unchanged. I’m incredibly excited about what this next chapter means for the longevity of our business and the ongoing support we can offer our clients.”

As with all companies in the Evergreen portfolio, Equation will continue to operate independently under its existing name and leadership but with access to Pine’s resources and collaborative ecosystem of ERPs. Erica Burles, who has successfully led the company for over two decades, will remain President.

About Pine Services Group

Pine Services Group is a portfolio of prominent managed services and software companies led by world-class leadership teams. Pine partners with its operating companies to achieve sustainable growth and create long-term value. With an intense market focus, Pine helps its businesses stay aligned with the evolving needs of customers and markets. As a community, Pine operating companies are better together—sharing insights and best practices to elevate performance across our companies. As part of the Evergreen Services Group family, Pine offers a permanent home for businesses that put people and customers at the heart of their mission. Learn more at www.pineservicesgroup.com.

About Equation Technologies

With a diverse team of accomplished business and software professionals, Equation Technologies serves over 300 customers across the USA, Canada, and the United Kingdom with the industry’s best-performing ERP software, including Sage Intacct and Sage 300. For over 20 years, their main goal has been simple: have a clear understanding of clients’ goals. The team believes the only way to sufficiently grasp that information is by listening first and offering valuable advice later. Equation also knows that one single approach is not right for all businesses and leverages the team’s vast education and business experiences across industries to focus on clients’ unique needs.

About Evergreen

Evergreen is a family of leading managed services and software companies operated by world-class leadership teams. Evergreen partners with owners of services and software businesses to provide operational assistance and capital in support of growth and exceptional service delivery. Evergreen differentiates itself by providing a permanent home for businesses that care deeply about their customers and employees. For more Evergreen news and information, visit http://www.evergreensg.com.

Media Contact

Myra Austin, WhiteFox Marketing for Evergreen, 1 7013407859, myra@whitefoxpr.com

SOURCE WhiteFox Marketing for Evergreen

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SAN FRANCISCO, July 24, 2025 /PRNewswire-PRWeb/ — Today, Evergreen, a family of managed IT services and software partners, announced the acquisition of ImageQuest, a trusted provider of managed IT, cybersecurity, and compliance solutions. The deal signals the growing investment Evergreen continues to make in security- and compliance-specialized MSPs and MSSPs, and a stronger focus on key verticals including financial services and will continue operations under Lyra Technology Group, Evergreen’s portfolio of managed IT services providers.

According to Canalys, the IT managed services industry is projected to reach $595 billion globally by the end of 2025, driven by evolving cybersecurity threats and increased demand for comprehensive solutions. In turn, Evergreen has seen its recurring business around cybersecurity and compliance as a service grow by over 20% during the last six months.

“The demand for proactive, intelligent, and fully managed cybersecurity is skyrocketing—especially in highly regulated industries where protection is critical, but often overlooked,” says Elliott Hyman, CEO at Lyra Technology Group. “We are actively pursuing relationships with MSPs who are in this business, see the potential to add value, and want to grow together.”

ImageQuest Readies for Next Wave of Growth with Evergreen

Founded nearly two decades ago, ImageQuest provides managed IT services, cybersecurity solutions, and strategic information security advisory services to clients in highly regulated industries, including financial services. The company has built a strong reputation for its proactive service approach and trusted client relationships.

“Today’s businesses need an experienced and trusted IT provider to help them navigate the complexities of the technology and the market,” said Milton Bartley, founder and CEO of ImageQuest. “We’re a true business partner to our customers, and that, on top of our culture, growth, and technical expertise, was of real value to Evergreen. Their commitment to supporting our team, protecting our culture, and fueling our growth, without compromising the principles that define us, means this partnership rewards our investors, takes care of our people, and sets ImageQuest up for a strong future.”

“We look for three non-negotiables in every IT services and software partner we acquire: strong leadership, a clear market edge, and a culture that consistently delivers excellence,” said Ramsey Sahyoun, M&A Partner at Evergreen. “Milton and the team have built something special at ImageQuest, and we’re proud to be part of the journey and accelerate their success at scale.”

Evergreen’s investment approach emphasizes long-term growth and stability without imposing rebranding or major restructuring on successful businesses. ImageQuest’s leadership team, employees, service offerings, and client relationships will remain in place while benefiting from Evergreen’s broader network of technology partners and resources.

About ImageQuest

ImageQuest is a leading provider of IT, cybersecurity, and compliance solutions for businesses across multiple industries. With a mission to build strategic, trusted partnerships and leverage its expertise to empower its clients to succeed, ImageQuest’s experienced team offers a range of services tailored to the unique needs of each client. From proactive cybersecurity to reliable managed IT support, ImageQuest partners with businesses to deliver value-driven solutions that support growth, efficiency, and peace of mind.

About Lyra Technology Group

Lyra Technology Group is a family of industry-leading technology service businesses. Our companies are operated independently by exceptional management teams. Lyra is a constellation that includes some of the brightest stars in the world. Like stars in a constellation, we partner with companies that shine on their own and come together to form something even greater. Companies that join our group retain the employees, name, and culture that have made them successful. As a platform of Evergreen, we never divest from the businesses we partner with and approach every decision with the goal of driving sustainable and healthy growth over the long term. For more Lyra Technology Group news and information, visit http://www.lyratechgroup.com.

About Evergreen

Evergreen is a family of leading managed services and software companies operated by world-class leadership teams. Evergreen partners with owners of services and software businesses to provide operational assistance and capital in support of growth and exceptional service delivery. Evergreen differentiates itself by providing a permanent home for businesses that care deeply about their customers and employees. For more Evergreen news and information, visit http://www.evergreensg.com.

Media Contact
Myra Austin, WhiteFox Marketing for Evergreen, 1 7013407859, myra@whitefoxpr.com

SOURCE Evergreen

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Earlier this year, we gathered 215 of our top leaders for a summit in Austin, Texas. During our Q&A session, one of our leaders asked us a great question: “why does Evergreen believe so deeply in decentralization?”

We could do a better job of publicly articulating why we believe in decentralization – hence the great question at our summit. We wrote this post to elaborate on what it means to be decentralized, the advantages of an empowered operating model and what’s at stake for small businesses.

What is decentralization?

In a decentralized operating model, most decisions are made by local operating companies instead of by the corporate headquarters. A highly decentralized company is characterized by dozens or even hundreds of separate offices and brands, empowered CEOs who manage their own profit & loss statements (P&Ls) and a razor thin corporate team. Most decisions that impact an employee or customer are made locally at the operating company level without corporate involvement.

A centralized company, on the other hand, is characterized by a robust corporate team with highly empowered functional leaders. Local offices work at the direction of corporate, following strict brand guidelines and standard operating procedures. Decisions that fall outside of standard operating procedures must be approved by corporate.

Evergreen’s operating model

Evergreen’s model is simple. We are on a mission to be the best home for businesses and their leaders. To achieve our mission, we are deeply committed to (1) creating a permanent home for businesses and (2) empowering our leaders through our decentralized operating model.

For business owners, our mission means that Evergreen is the best acquisition partner to take care of your employees, customers and brand.

For leaders, our mission means that Evergreen is the best partner to support your entrepreneurial operating experience. We offer a level of empowerment that leaders cannot find elsewhere in the corporate or private equity landscape and a business system that drives market leading growth.

Extreme decentralization is central to our value proposition for business owners and leaders. It enables us to preserve the soul of the companies we acquire and empower our leaders to live into their potential as entrepreneurs.

Advantages of decentralization

We believe that decentralization leads to higher growth and returns on capital over time because:

1. The best people want to be empowered – the most talented operating leaders want to be entrepreneurial CEOs with wide decision-making authority and aligned incentives, not branch managers executing corporate’s plan. Our view is that the best and most energized team wins and that team wants to work in an empowered environment.
2. It’s easier to grow a small P&L – It is easier to grow a $5 million revenue business 20% by adding $1 million of revenue than it is to grow a $100 million revenue business 20% by adding $20 million of revenue. It is widely accepted that percentage growth rates tend to decelerate as businesses grow in scale. We have a simple solution: keep our P&Ls as small as possible and our growth rates as high as possible.
3. Business owners prefer decentralization – business owners prefer selling to an acquirer that will retain their brand and provide maximum continuity to employees and customers. We of course evolve, grow and improve the businesses that we acquire over time, but we don’t disrupt and dislocate them in the way that centralized acquirers do. 80% of business owners who partner with Evergreen highlight our decentralized model as a key consideration in their decision to partner with us.
4. There is crystal clear accountability – in a decentralized structure, each operating company CEO has a straightforward scorecard, which is their P&L and KPIs. If a business is not growing sufficiently or has below average margins, it is crystal clear who is responsible for improving the business. Decentralization does not mean unconditional empowerment. Empowerment is earned through strong performance and is lost when the company underperforms. Centralized companies have murkier accountability. They often fall victim to the matrix structure where the functional leaders blame local offices for subpar metrics while the local offices point their finger back at corporate.
5. Bureaucracy is minimized, margins are maximized – a large corporate team inevitably leads to bureaucracy in many forms: requests for information, approval processes, meetings, standard operating procedures, company-wide mandates and policies, etc. As a corporate team grows, coordination costs and organizational friction build up. That friction holds back the growth of underlying operating companies and the pace at which new acquisitions are on-boarded. And it drags on margins. Leading decentralized companies operate at significantly higher margins than their centralized competitors even though decentralization requires duplicating roles (e.g. accounting, sales) at each operating company. Bureaucracy is more expensive than duplicative local costs.

How do you measure decentralization?

You can measure the degree of decentralization of a company by comparing the size of the corporate or holding company team to the scale of the overall organization.

Will Thorndike, author of The Outsiders and an Evergreen Advisor, articulated our favorite measure of decentralization on his 50x podcast: the ratio of total employment of the company to corporate employees. This measure of leverage is a clear indicator of where decisions are being made and the level of bureaucracy in a company. The higher the ratio, the more decentralized a company is.

In a centralized company that ratio might be less than 25:1. Highly decentralized companies will have a ratio of 100:1 or higher. Hall of fame decentralized companies like Constellation Software and Berkshire Hathaway operate well in excess of 100:1 (Berkshire operates at ~15,000:1).

When centralization makes sense

There are situations where we think centralization makes sense:

• Uniform product or service: if a company is selling a small handful of products or services that are uniform in nature, centralization is a better structure. It makes sense that Apple designs iPhones and AirPods at corporate instead of delegating product decisions to its retail stores.
• Winner-take-most markets: in a winner-take-most market like a social network, a credit card network or a ratings agency it makes sense to take maximum advantage of scale by centralizing. These markets also tend to be characterized by a uniform product or service.
• Certain low-cost producers: there are certain low-cost producers that benefit from a centralized structure. Walmart relies on a strong centralized purchasing function, though they empower their local store operators with certain decision rights.

At Evergreen, our industries generally do not exhibit these attributes. Our markets prioritize characteristics like customer intimacy, quick decisions, local presence, vertical expertise, employee retention and continuity. Centralization would lead to increased employee and client churn, slower innovation and increased bureaucracy. Further, we have managed to secure economies of scale with minimal coordination costs amongst our companies.

What’s at stake?

What’s at stake is the soul of small businesses. At least that is how we see it at Evergreen.

A decentralized operating model preserves the soul of a business, encouraging innovation, growth and continuous improvement. That is why decentralization is so central to our mission to be the best home for businesses and their leaders.

We pursue our work with tremendous energy every day, because we know that every company that we acquire at Evergreen is a company saved from a less empowered existence.

Jeff Totten

Founder & CEO

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Pine Services Group, part of Evergreen Services Group, specializes in acquiring and supporting enterprise resource planning (ERP) reseller businesses in various sectors, including construction, manufacturing, distribution, professional services, and not-for-profit. The portfolio currently consists of 14 acquired companies functioning as 10 independent operating entities throughout North America.

“Dustin’s extensive experience—spanning entrepreneurial leadership, strategic transformation, and board-level governance—makes him uniquely qualified to drive Pine’s next phase of growth,” said CEO Jana Schmidt. “This promotion reflects our deep trust in his leadership and our confidence in his ability to scale Pine’s impact on being the best long-term home for great companies and their leaders.”

As Chief Growth Officer, Dustin shaped Pine’s strategic direction, strengthening collaboration across the portfolio, and laying a strong foundation for long-term, sustainable growth. In his new role as President, Dustin will expand his leadership responsibilities across all aspects of the organization, including providing board leadership to its operating companies.

“I’m incredibly grateful to Jana Schmidt and the Pine team for the opportunity to step into the role of President at Pine Services Group. This marks an exciting new chapter in our mission to support and invest in exceptional ERP and business software partners,” said Dustin Anderson. “Pine’s commitment to being a long-term, values-driven home for founders and their teams truly resonates with me. I’m continually inspired by the caliber of people and companies we work alongside, and I look forward to continuing this remarkable growth journey with my colleagues at Pine.”

Proven Track Record

Dustin brings over 22 years of leadership experience in enterprise transformation, professional services, and cloud-based business software—especially within the ERP space. He previously held senior leadership roles at major industry players, SAP and Sage. Most recently, he served as President & Head of Global Business at SoftwareOne, where he led a global team operating in over 25 countries.

His deep expertise in cloud ERP, combined with a consistent track record of operational excellence and customer impact, uniquely positions Dustin to advance Pine’s mission and strengthen its technology services focused portfolio.

“Dustin has earned the trust of leaders across our companies and with key partners,” said Lela Day, VP of Business Operations. “He brings strong go-to-market experience, knows how to navigate complex ecosystems, and has a proven ability to rally teams around ambitious goals.”

About Pine Services Group

Pine Services Group is a portfolio of prominent managed services and software companies led by world-class leadership teams. Pine partners with its operating companies to achieve sustainable growth and create long-term value. With an intense market-focus, Pine helps its businesses stay aligned with the evolving needs of customers and markets. As a community, Pine operating companies are better together—sharing insights and best practices to elevate performance across our companies. As part of the Evergreen Services Group family, Pine offers a permanent home for businesses that put people and customers at the heart of their mission. Learn more at www.pineservicesgroup.com.

About Evergreen

Evergreen is a family of managed services and software companies led by high-performing leadership teams. Evergreen partners with business owners to provide capital and operational support in pursuit of growth, while preserving their legacy. Evergreen stands apart by offering a permanent home for businesses committed to their customers and employees. Learn more at www.evergreensg.com.

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SAN FRANCISCO, June 10, 2025 /PRNewswire-PRWeb/ — Evergreen, a family of managed IT services and software partners, today announced its 100th IT services provider (MSP) acquisition as it welcomes REDD, an Australia-based MSP. Headquartered in Brisbane, REDD will continue to operate independently under Lyra Technology Group, Evergreen’s portfolio of managed IT services providers.

REDD not only marks Evergreen’s 100th MSP acquisition, but also a key investment in the company’s growing presence in the ANZ region. The company was founded in 2016 by Nigel Heyn, who, alongside CEO Brad Ferris, built a high-performing business through a unique blend of technical expertise and business acumen, driving impressive growth and operational excellence.

“Nigel and Brad’s leadership and values align closely with Evergreen’s long-term vision,” said Craig Fulton, M&A advisor at Evergreen. “In becoming part of the Evergreen network, REDD is positioning itself for continued success while contributing valuable insights to peers across the portfolio.”

“REDD has always been built on a commitment to exceptional service, strong relationships, and a culture that puts people first. That doesn’t change.” said Ferris. “What excites us about joining Evergreen and Lyra is the opportunity to stay true to who we are while being bolstered by a global network of like-minded businesses. This partnership enhances our ability to deliver for our clients, share best practices, and tap into a deep pool of expertise — all while preserving the team, culture, and values that make REDD unique.”

Alongside the significant achievement of reaching 100 MSPs, Evergreen has continued to advance its industry leadership. During this week’s Pax8 Beyond conference in Denver, Colo., Evergreen was honored as the first Pax8 partner to generate over one billion dollars in IT services revenue. Last month, Evergreen vice president Sydney Hockett received recognition on CRN’s Women of the Channel list. In support of MSPs, Evergreen also hosted its inaugural free event, Evergreen Elevate, to provide strategic insights for those evaluating potential exit strategies.

“When we started this company seven years ago, we hoped to replicate the Berkshire Hathaway model and build the best home for MSPs,” said Ramsey Sahyoun, co-founder and M&A partner at Evergreen. “I’m proud that we’ve stayed committed to that vision, to our decentralized operating model, and to our permanent hold strategy. It’s been a rewarding journey, and we are grateful for the MSP business owners that have trusted us with their companies.”

“Selling the ownership of my business was one of the biggest decisions of my life,” said Lloyd Wolf, founder and former CEO of Wolf Consulting LLC. His Pittsburgh, PA based MSP business was Evergreen’s first acquisition in December 2017. “I first met Jeff Totten, CEO of Evergreen, in the fall of 2017. He shared with me his vision of building the best home for businesses and their leaders, retaining our employees and taking care of them, and investing in continued future growth – all while operating in a decentralized model that would allow the business to maintain its culture and independence. This approach and model were very different from any other buyer I had met. I was excited that I had found the permanent home for my business and employees. Since then, Evergreen and Lyra Technology Group have truly executed the vision Jeff originally shared with me. From Wolf Consulting to REDD, I couldn’t be more proud of Evergreen’s and Lyra’s growth and success.”

“It’s been impressive to witness the growth and revenue milestones Evergreen and Lyra have achieved over the last few years,” said Lane Brannan, Executive Vice President and General Manager, Americas at Pax8. “While obtaining a billion dollars of revenue is an impressive achievement alone, it also signals the critical role and impact MSPs have in driving technology adoption within the SMB market. We look forward to fueling our strong partnership with Lyra and congratulate them on this significant milestone.”

About Lyra Technology Group

Lyra Technology Group is a family of industry-leading technology service businesses. Our companies are operated independently by exceptional management teams. Lyra is a constellation that includes some of the brightest stars in the world. Like stars in a constellation, we partner with companies that shine on their own and come together to form something even greater. Companies that join our group retain the employees, name, and culture that have made them successful. As a platform of Evergreen, we never divest from the businesses we partner with and approach every decision with the goal of driving sustainable and healthy growth over the long term. For more Lyra Services Group news and information, visit http://www.lyratechgroup.com.

About Evergreen

Evergreen is a family of leading managed services and software companies operated by world-class leadership teams. Evergreen partners with owners of services and software businesses to provide operational assistance and capital in support of growth and exceptional service delivery. Evergreen differentiates itself by providing a permanent home for businesses that care deeply about their customers and employees. For more Evergreen news and information, visit http://www.evergreensg.com.

Media Contact

Myra Austin, WhiteFox PR for Evergreen, 1 7013407859, myra@whitefoxpr.com

SOURCE WhiteFox PR for Evergreen

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