Gemspring-backed Amplix buys technology procurement firm One Connect
Amplix has acquired St. Petersburg-based One Connect, marking its 15th acquisition since the platform was formed in 2022, according to PE Hub.
By Marcus V. Thorne · Markets Editor
· 2 min read
Amplix, a portfolio company of Gemspring Capital, has acquired One Connect, a technology sourcing and procurement firm based in St. Petersburg, Florida, according to PE Hub. Financial terms were not disclosed, leaving the purchase price, valuation and financing structure outside the public record.
PE Hub reported that the transaction is Amplix’s 15th acquisition since the platform was formed in 2022. The deal adds another business to Amplix’s technology services platform, a structure commonly used by private equity owners to combine related companies under a single operating group.
One Connect was founded in 2004, according to PE Hub. John Smack serves as the company’s chief executive.
Platform expansion
Gemspring Capital backs Amplix as a portfolio company, according to PE Hub. In private equity, a platform company typically serves as the base for further acquisitions, often adding customers, service lines, geographic coverage or supplier relationships through follow-on deals.
The acquisition of One Connect fits that reported pattern for Amplix. PE Hub said the transaction brings the company’s acquisition count to 15 since 2022, indicating an active buy-and-build strategy in technology sourcing and procurement services.
Technology sourcing and procurement firms help customers evaluate, purchase and manage technology products and services. The economics of such businesses can depend on supplier relationships, customer retention, service breadth and the ability to manage procurement complexity for clients.
No additional details were reported on One Connect’s revenue, workforce, customer base or integration plans. PE Hub also did not report whether One Connect’s management will remain with the business after the acquisition.
The lack of disclosed financial terms is common in lower- and middle-market private equity transactions. Without a stated enterprise value or revenue multiple, investors and competitors have limited information to compare the transaction with other deals in the technology services sector.
This story draws on original reporting from PE Hub.
