Advocate Networks, LLC, an Atlanta, GA-based Premier Technology Business Management Services company, received an investment from Spire Capital, a New York-based private equity firm specializing in investments in the technology-enabled business services, communications, media, and education sectors.
The amount of the deal was not disclosed. David Schaible, Andy Armstrong, and Rupali Varma of Spire Capital will join Advocate’s Board of Directors as part of the investment.
The investment will provide capital to enhance research and development, expand both solutions and geographies, and enable complementary acquisitions.
Co-founded in 2001 by Co-CEOs Tim Wise and Scott Fogle, who will continue to lead the company, Advocate Networks provides technology business management (“TBM”) and technology expense management (“TEM”) services to enterprise organizations needing to optimize their technology strategy and infrastructure. Its services include TBM-as-a-Service, TEM-as-a-Service, and advisory services that assist their clients in expense and contract management, business/data analytics, IT cost reduction, and IT planning.
The company, which has built a proprietary data warehouse solution known as “Helix” and an automation platform known as “Yottamation,” serves enterprise customers across the United States whose annual IT spend is between $50 million and $500 million across various market verticals.
Advocate has 91 employees.