Trace3 entered into a definitive agreement to purchase LaSalle Solutions, a business division of Fifth Third Bank, to further enhance the technology solutions portfolio available to clients of both companies, while also significantly increasing Trace3’s national footprint. The transaction is expected to close in April.
Fifth Third acquired LaSalle in 2019 as part of the merger between Fifth Third’s parent Fifth Third Bancorp and MB Financial, Inc. and will retain the leasing arm of LaSalle. Fifth Third is selling the parts of LaSalle that are not in line with its core banking operations.
Headquartered in Rosemont, IL, LaSalle serves technically complex enterprise clients, including several Fortune 500 companies. LaSalle’s infrastructure lifecycle management platform, called LAMP, is recognized across the industry as a leading asset management tool designed to assist clients in optimizing the management of their IT environment. The newly combined company will serve as a leading technology solutions provider in cloud, data intelligence, security, and overall enterprise IT.
By joining the Trace3 organization, LaSalle clients will gain access to Trace3’s advanced technology portfolio, including expertise in security, data intelligence, artificial intelligence, and advanced data center. LaSalle clients will also benefit from Trace3’s long-standing commitment to providing emerging-tech inspired solutions in close partnership with the venture capital community. LaSalle will enhance Trace3 offerings in data center infrastructure, collaboration, and IT lifecycle services
The acquisition of LaSalle by Trace3 continues a rich history of strategic and organic growth for the company.
“For years we have provided consulting services on how to leverage technology and data to help businesses grow and operate efficiently,” said Rich Fennessy, CEO of Trace3. “It’s clear many organizations continue to struggle with maintaining visibility across their increasingly complex IT environments, especially as they evolve toward hybrid cloud. LaSalle will help us provide that visibility and insight for clients to more efficiently manage their IT assets, maintenance agreements, and ultimately simplify IT lifecycle processes.”
The LaSalle leadership team will continue to oversee the business through the creation of a lifecycle management business unit within Trace3.
“Lasalle is excited to join Trace3 and deliver even greater value to our clients,” said Steven Robb, President of LaSalle Solutions. “We intend to leverage our combined engineering, sales, and management teams to develop additional service offerings for our clients, create new opportunities for our employees, and improve our standing within the partner ecosystem. The combined business will continue providing a solutions-focused and results-driven approach for technology clients. This is an exciting time for our company.”
RBC Capital Markets is serving as exclusive financial advisor to Fifth Third, and Alston & Bird LLP is serving as legal advisor to Fifth Third. Benesch Friedlander Coplan & Aronoff LLP is serving as legal advisor to Trace3.