Wayside Technology Group Inc., an Eatontown-based information technology company, has agreed to acquire a Canadian technology distribution company, it announced Wednesday.
Financial terms of the deal for Interwork Technologies, based in Toronto, were not disclosed.
Interwork focuses on cybersecurity, information management and network solutions in North America. It will be integrated into Wayside’s Lifeboat Distribution unit, giving Lifeboat more than 20 new vendor partners, Wayside noted.
“Interwork brings an exceptional team to Lifeboat, with a very similar culture built on servicing clients with a differentiated, high-touch approach,” Wayside CEO Dale Foster said in a prepared statement. “We have identified multiple near-term cost and revenue synergies, and, given our limited overlap in customers and technology partners, we expect to actively cross-sell products and services across both organizations.”
Interwork President Joe Graci will lead Lifeboat’s Canadian business, integrating the two companies’ operations.
“This is the first acquisition by Wayside in over 25 years, and we will continue to capitalize on both organic and inorganic growth opportunities as we integrate our teams, launch new vendors and expand our market presence,” Foster said.
The deal is expected to close in the second quarter, subject to customary approvals and conditions.