Say goodbye to one of the 17 companies that made the Inc. 500 fastest-growing companies list in 2012.
Transcend United Technologies L.L.C., a Wayne information technology firm, was acquired last week by AGC Networks Inc., a U.S. unit of an Indian conglomerate.
The Inc. 500 list ranks privately held companies by their revenue growth over a three-year period. Transcend United was ranked No. 254 on last year’s list, with revenue growth of 1,406 percent.
The company is a systems integrator focused on unified communications and data centers that traces its origins to a Broomall software business founded in the early ’80s known as Fastech Inc. Transcend United was formed from a November 2009 roll-up of four IT companies, including Fastech.
Backed by Radnor-based NewSpring Mezzanine Capital L.P., the company continued to grow by acquisition. In 2011, Transcend United acquired LiquidSpoke and relocated its headquarters to LiquidSpoke’s Wayne offices. In 2012, it bought the Enterprise Solutions Sales division of Columbus, Ohio-based Relational Technology Solutions.
Now Transcend United itself will absorbed under the AGC Networks’ brand. In a statement, the companies said that the 130 Transcend United employees will continue to operate from their current offices in 13 states.
With terms of the transaction not disclosed, AGC Networks did say that Transcend United’s annualized revenues were about $43 million. That’s up from $37.4 million in 2011 and $26.2 million in 2010, according to data the company provided to Inc. magazine.
AGC Networks has its U.S. offices in the Las Colinas area of Irving, Texas, and global headquarters in Mumbai. The company, which has 1,300 employees worldwide, is part of the Essar Group, a $27 billion conglomerate.
Essar, which started out as a construction company in 1969, now has 75,000 employees in 25 countries.