IRVINE, Calif.--(BUSINESS WIRE)--Trace3 (the “Company”) entered into a definitive agreement to purchase LaSalle Solutions (“LaSalle”), a business division of Fifth Third Bank (“Fifth Third”), 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 of 2022.
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, Ill., LaSalle serves a multitude of 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.
About Trace3
Trace3 is a premier provider of advanced technology consultation services and solutions. Founded in 2002, Trace3 offers a broad mix of end-to-end technology services and solutions, ranging from artificial intelligence and data science to cloud computing and security consulting. The company also offers a venture capital briefing program, with a sharp focus on emerging technologies, and provides clients with extensive research focused on the latest IT trends. Trace3 is headquartered in Irvine, Calif. and maintains 25 office locations across the United States. For more information, visit trace3.com.
About LaSalle Solutions
Founded in 2000, LaSalle Solutions is a leading provider of technology lifecycle asset management services. LaSalle enables its customers to improve technology operations and helps mitigate and manage risk throughout the IT lifecycle by enhancing processes, management, and reporting for better return on investment. Through the powerful, market-leading cloud-based platform, LAMP, LaSalle Solutions enables clients to obtain better business outcomes through transparency and the related data. Learn more at lasallesolutions.com.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB."
