Swift Software & Swift Systems Merge Into Step3 Creating $20m Group
September 21, 2017 / Seth Glass / News
Swift Software, Inc and Swift Systems, Inc announce their merger under their newly-formed parent company, Step3, Inc (https://step3.com/). Step3 will have a capitalization of apx USD $20M with just over 30 employees, generating annual revenues of apx USD $5M (of which more than 75% is recurring revenue).
Swift Software (https://www.highgear.com/) established in 2003, is the developer of JobTraQ, the pioneer of Lean BPM and an enterprise-class workflow management platform used around the world. JobTraQ customers include NASA, Fifth Third Bank, the FDA, Beazley, Comcast, and many others.
Swift Systems (https://swiftsystems.com/) established in 1998, is a managed IT services provider and virtual cloud services company that helps growing medical, manufacturing, and professional services firms manage all their IT needs. They serve clients throughout the Washington DC metro area and provide virtual infrastructure for enterprises and agencies around the world.
The merger creates unique opportunities for delivering greater customer value and improving both companies highly praised support even more. For Step3 itself, shareholders and management expect profit growth to accelerate with over 75% of business secured by recurring revenue contracts, which means both companies are immediately profitable at the start of each business year.
“We began Swift Systems nearly 20 years ago as a small IT services company,” said Vaughn Thurman, CEO of Step3, “and it has grown into a highly respected regional Managed Services Provider (MSP) and trusted global cloud services provider.”
Step 1 was the founding of Swift Systems in 1998, while Step 2 was the spin-off of Swift Software in 2003 as its global potential became apparent. Step3, the merger of the two companies under a common holding company, “will open the doors for significant expansion and new opportunities,” said Thurman, “allowing both companies to bring more innovative solutions to market and increase customer value.”
“Step3 was really the next logical move on our part,” said Josh Yeager, Step3 COO. “Our operational teams will not change, but we can significantly increase the value we deliver to our customers, employees, and shareholders.”
Step 3, Inc. was incorporated in Frederick, MD on August 1, 2017. It has capitalization of apx USD $20M, annual revenues of apx USD $5M, and just over 30 employees. Swift Systems, Inc., established in 1998 and based in Frederick, MD, is a leading local provider of IT Managed Services and Cloud Services. Swift Software, Inc., established in Frederick, MD in 2003, is the developer of JobTraQ, the pioneer of Lean BPM worldwide.