Bluewave Technology Group raised $75 million in an initial funding round led by Columbia Capital, the company said Feb. 1.
The Parsippany-based technology advisory firm said the investment will fund its organic and inorganic growth efforts, the expansion of its staff and enhancement of its service offerings. Founded in 2016, Bluewave said it has completed five acquisitions over the past five months and now serves more than 1,000 customers.
“We are proud to partner with Columbia Capital who understands the opportunity and growth potential for Bluewave. To date, we have completed several acquisitions to expand and bolster our service offering to our clients. With this investment, we’re continuing to move our business forward to provide a comprehensive set of solutions to meet clients’ needs,” Bluewave CEO Seth Penland said in a statement. “By adding the right people, technologies, and expertise, we’re creating a collective genius that provides our clients with peace-of-mind that they are in the best hands with Bluewave.”
Bluewave help clients optimize their technology infrastructure, providing paths to manage the entire lifecycle from purchasing through technology expense management. The business includes four services practices: Technology Evaluation, Strategic Sourcing, Expense Management and Operations Support.
Columbia Capital has been investing in enterprise IT, digital infrastructure and mobility for more than 30 years. The firm has raised more than $5 billion in fund commitments and supported more than 170 companies. Its portfolio includes tech providers in states from coast to coast and in the U.K., Ireland, Germany and South Africa.
“As remote working environments, AI, and enterprise security requirements drive changes in IT and communications solutions, Bluewave has swiftly become a market leader in the technology advisory services market sector,” said Evan DeCorte, a partner at Columbia Capital. “We couldn’t be more excited to back the Bluewave team as they continue to scale the business.”