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PennSpring Acquires Virtual Assistant Leader Zirtual, to Apply BPO Growth Expertise

Wednesday, 13 December 2023 02:30 PM

Highly Respected in the Industry, Zirtual Positions PennSpring for Additional Acquisitions

LANCASTER, PA / ACCESSWIRE / December 13, 2023 / PennSpring Capital (www.pennspring.com), a people-forward investment firm focused on lower middle market opportunities, announced today that it has acquired Columbus, Ohio-based Zirtual, providers of high quality virtual assistant services. All virtual assistants are US-based with college degrees, and perform tasks such as inbox and calendar management, social media strategy, data entry, expense management and invoicing, research, event planning, travel booking and more. Zirtual was named to the exclusive U.S. News & World Report "Best Virtual Assistant Services of 2023" list, and was selected as the "Best for Bookkeeping and Financial Management" (view here). PennSpring acquired Zirtual from preeminent accelerator Startups.com.

"The Zirtual acquisition is an evolutionary leap for PennSpring Capital," stated PennSpring Managing Partner Lou Castelli, "We have garnered acclaim and established a strong track record in the lower middle market; the Zirtual brand now elevates our profile to a new level. They significantly rank among the top search results for virtual assistants, and have attracted over 30,000 LinkedIn followers. With Zirtual's visibility and our resources to quickly close, we are well-positioned to make additional acquisitions in the space."

The Zirtual acquisition is consistent with PennSpring's business process outsourcing (BPO) investment thesis, and complementary to a current holding - text marketing platform Mobiniti. Mobiniti provides customer engagement solutions to more than 1,000 organizations across all industries and sizes. PennSpring previously completed the successful sale of its holding Securus Contact Systems, a national provider of virtual receptionist services. Over just 30 months of ownership, PennSpring injected professional leadership, streamlined operations and quintupled Securus' EBITDA.

About PennSpring Capital

PennSpring Capital unlocks liquidity and empowers growth. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic firms and helping evolve them to institutional scale. PennSpring's principals are entrepreneurs with firsthand experience in growing and positioning businesses. PennSpring engages at a deep level and applies its experience to elevate its partners' businesses. The firm has made fourteen investments since 2018, including ten majority investments, and has completed successful exits during that period. Learn more at www.pennspring.com.

Contact PennSpring Capital:

[email protected]

SOURCE: PennSpring Capital

Topic:
Mergers and Acquisitions
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