Equiteq is pleased to announce that it acted as exclusive financial advisor to Meritas Capital Partners on the sale of Applied Tech Solutions, LLC (“Applied Tech” or the “Company”), a provider of managed IT and cybersecurity services, to Heartland Business Systems (“HBS”) a portfolio company of GenNx360 Capital Partners (“GenNx360”), a New York City-based private equity firm. The acquisition of Applied Tech represents the first acquisition by HBS since GenNx360 acquired the platform in October 2025
Founded in 1999, Applied Tech is a Madison, Wisconsin-based IT solutions provider for clients primarily in the Midwest United States and Rocky Mountain regions. The Company’s core capabilities include outsourced IT managed services and cybersecurity solutions, as well as Cloud and IT professional services.
Applied Tech’s CEO, Daniel Petersen, will continue with the combined business as SVP Service Platforms and will be focused on defining the roadmap for the combined managed services platform.
HBS is a Little Chute, Wisconsin-based provider of information technology services for commercial and public sector clients across the Midwestern United States. HBS delivers end-to-end technology solutions through its comprehensive offering set of network, infrastructure, cloud, cybersecurity, applications, collaboration and managed service capabilities.
"We are excited about the partnership with Applied Tech, whose advanced delivery platform and deep technical bench will meaningfully bolster our managed services business at HBS. Applied Tech’s AI-enabled delivery platform will enhance the quality and speed of delivery for our client base and provide runway for accelerated managed services growth,” said Jimmy Buddenberg, CEO of HBS. “The acquisition more than doubles the scale of our managed services business and significantly strengthens our managed services platform capabilities.”
“I am excited for Applied Tech to become part of a larger organization and to continue in a leadership role with HBS going forward. Applied Tech's AI-enabled service delivery platform is focused on creating positive outcomes for our customers and we are excited to extend those capabilities across HBS’ customer base. Our platform combined with HBS' deep expertise across a broader set of technology solutions will allow us to continue to generate positive client outcomes and deliver greater value at scale,” said Daniel Petersen, CEO of Applied Tech.
Commenting on Equiteq's role in the transaction, Daniel Petersen said, "Equiteq was a trusted partner throughout this process, combining a deep understanding of our business with strong insight into the managed services market. Their hands-on approach and ability to anticipate buyer dynamics were instrumental in driving a highly competitive process and achieving an outcome that aligns with our long-term growth objectives. We appreciate Equiteq’s unwavering support and guidance every step of the way."
“The Equiteq team delivered in every way throughout the transaction process, from initially sourcing and assessing our opportunities through the eventual transaction. They made us feel prioritized at all times, and provided expert analysis and advising to help us achieve a great outcome. We have worked with many investment advisers over the years, and Equiteq was simply the best," said Don Epstein, Co-founder & Managing Director at Meritas Capital Partners.
Tom Donahue, Managing Director at Equiteq, said, "Applied Tech represents a highly differentiated managed services platform with a scaled delivery model and a clear roadmap for continued innovation. We are proud to have advised Meritas Capital Partners on this transaction and to have partnered with the Applied Tech team to position the business for its next phase of growth. We believe Heartland Business Systems and GenNx360 provide an excellent strategic fit, and we look forward to seeing the combined platform enhance its capabilities and deliver greater value to its customers.”