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Updated: June 29, 2022

Portland IT firm continues acquisition spree, signals more to come

Portrait of Michelle Accardi in her office, in front of a window. File Photo / Jim Neuger Michelle Accardi, CEO of Logically, photographed at the firm's Portland's headquarters on Marginal Way.

Logically, a technology outsourcing and consulting firm based in Portland, has acquired Cornerstone IT, of Mentor, Ohio, for an undisclosed price.

The acquisition, announced Wednesday, is the 11th since 2019 for private equity-backed Logically, with more to come, according to Michelle Accardi, the firm's Sarasota, Fla.-based CEO.

"Given our strength in the market we expect to continue to be able to acquire companies," she told Mainebiz. "There may in fact be new opportunities driven by the economic environment."

Logically, which currently has around 500 employees, did not disclose how many employees the new acquisition adds.

Cornerstone IT CEO Raymond Paganini will stay on with Logically as a vice president of account management and customer success, "and brings the additional value of Logically's expanded offerings," Accardi said.

She noted that while Logically serves nearly every industry, Cornerstone IT contributes an "even deeper regional coverage for cloud transformation and Microsoft."

The latest acquisition comes less than eight months after Logically acquired Halski Systems, an IT managed services provider based in Gainesville Ga.

"We are thrilled to announce that we're bringing Cornerstone IT into the Logically family in order to remain on the cutting edge of security, cloud and Microsoft serves that ensure our customers enjoy all the benefits of our expert teams," Accardi said in Wednesday's announcement.

"Customers in the industries that Cornerstone IT serves will benefit greatly from the added knowledge and experience our new team members bring to the table, and we are looking forward to having the Cornerstone team thrive within our organization."

Logically, which has more than 1,750 customers nationwide, is a portfolio company of the Riverside Co., a global private equity firm focused on the smaller side of the middle market.

In early 2020 when Logically announced two previous acquisitions, Riverside Managing Partner Loren Schlachet spoke of Riverside's "aggressive add-on strategy for Logically."

Asked how Cornerstone got onto Logically's radar, Accardi explained that that Riverside "is continually scouting great regional and national managed service providers.

"Cornerstone IT fit this and began talks with the Logically team, and there was a great fit both culturally and technically," she added. 

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