Bluewave has already put the funding to use. It has acquired a total of five partner firms and currently employs between 50 and 60 people. Its customers number over 1,000. Penland said the acquisitions put Bluewave among the top 20 agencies in the U.S.
Penland said Bluewave is targeting established agencies of 10 employees or more. Moreover, he said the company hasn’t set a goal for how many partners it wants to acquire. He said the initial capital raise will support both inorganic and organic growth.
“We’re really focused on building a great premium advisory life cycle management company that is going to be here for the next 20 years,” Penland told Channel Futures. “M&A is obviously a core part of that strategy. We’re well capitalized to pursue a lot of acquisitions if we find good targets that match our strategy and fit well within our culture.”
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Bluewave Technology Group is harnessing $75 million in capital to buy agents and build a technology advisory and life cycle management company.
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