AYCE Capital

What AYCE Capital does

AYCE Capital is a privately held Canadian investment and operating company headquartered in Toronto with a US platform (AYCE USA) incorporated in Delaware. The company acquires and partners with small to medium-sized Managed Service Providers (MSPs) in the $2-6 million revenue range with 7-35 employees, operating under the thesis that 'good people executing good processes' are more important than strict financial criteria. AYCE takes equity stakes in its targets while assuming back-office functions (sales, accounting, vendor management) and preserving each acquired MSP's brand, management team, and culture. As of mid-2026 the portfolio comprises 17 wholly-owned subsidiaries across Canada (Ontario, Manitoba, British Columbia, Alberta) and the US Northeast (Vermont, Upstate New York, Cleveland, New York City, Massachusetts), including Rational Business Solutions, CarefreeIT, TAG, Avenir IT, Resilient Networks, Plextec, IDS Systems, I-Worx, Acendex, Solid Technology Solutions, Netwide Technical Solutions, and the cybersecurity-focused Kernel Advisory.

The core offering is the AYCE Capital MSP Partnership Platform: a single product rather than a modular suite, delivering capital, operational support, and access to a peer network of portfolio MSPs that share best practices, vendor relationships, and joint procurement advantages. Deal structures are flexible and founder-friendly, including 100% cash, earn-outs, seller notes, and rollover equity, with a stated 90-day LOI-to-close timeline. The company's May 2026 Kernel Advisory acquisition established a portfolio-wide cybersecurity center of excellence providing vCISO, managed security, offensive security, and incident response across all subsidiaries.

AYCE is backed by committed capital from Ashbridge Capital Partners, a Toronto-based family office founded in 2013 by Nathan Tam (ex-Onex, Morgan Stanley, Offleash Media) and Jordan Goodman (ex-CAA, Authentic Brands Group, Hilco Consumer Capital). Institutional debt capacity has scaled via a BDC Capital Growth and Transition Capital facility (April 2024), replaced by a substantially larger National Bank of Canada Technology and Innovation Banking facility (May 2025) that was subsequently upsized just four months later. Leadership consists of a compact executive team (CEO Philip Kaczmarczyk, COO William Dennis, CRO Sandy Lave, CFO Lucy Gomes) plus a dedicated M&A origination and integration function.

Name

AYCE Capital

Legal name

AYCE Capital

Website

https://ayce-capital.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

AYCE Capital is a privately held Canadian investment and operating company that acquires and partners with small to medium-sized Managed Service Providers (MSPs) in the $2-6 million revenue range, backing them with capital, back-office support, and a cross-portfolio best-practice network while preserving each MSP's brand and team across North America.

Ownership category

akta.pro rank

Product category

Private Equity / MSP Roll-up Investments

NAICS

Management of Companies and Enterprises (5511), Portfolio Management and Investment Advice (52394)

SIC

Investors, Nec (6799)

akta.pro primary industry

Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG)

akta.pro secondary industries

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• MSP acquisitions
• Private equity investments
• Managed service providers
• IT services portfolio
• Buy-and-build strategy

Headquarters

HQ city

Waterloo

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Equity Investment Returns: AYCE Capital generates returns through equity investments in MSP acquisitions. The company takes ownership stakes in portfolio companies, assumes back-office functions (sales, accounting, vendor management), and provides operational support while preserving existing management teams and brands.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

AYCE Capital is an investment and operating company that acquires and partners with small-to-medium Managed Service Providers (MSPs) generating $2-6 million in revenue with 7-35 employees. It provides equity capital, back-office support (sales, accounting, vendor management), and access to a portfolio-wide network for shared best practices, while preserving each acquired MSP's brand, culture, and existing management team. The company targets founder-led MSPs across Canada and the Northeastern United States seeking succession planning or growth acceleration.

Product overview

AYCE Capital operates as a single investment and operating platform — not a modular or multi-product suite — focused exclusively on acquiring and partnering with small to medium-sized Managed Service Providers (MSPs) in North America. The core offering is the AYCE Capital MSP Partnership Platform itself, which delivers capital, back-office support (sales, accounting, vendor management), and access to AYCE's collective network of portfolio MSPs for shared expertise, best practices, and peer collaboration. The platform targets MSPs with $2–6 million in revenue and 7–35 employees, providing a 'forever home' that retains the MSP's brand, team, culture, and client relationships. AYCE Capital has expanded into the United States (under the AYCE USA brand) and maintains a portfolio of over 17 MSPs across Canada and the U.S.

Differentiator

Problem solved

Functional benefit

Products and services

• AYCE Capital MSP Partnership Platform An investment and operating platform that acquires, partners with, and scales Managed Service Providers (MSPs) across North America. Provides equity capital, operational support, back-office functions (sales, accounting, vendor management), and access to a collective network of MSP partners for shared best practices and collaborative growth, while preserving the acquired MSP's brand and culture.
• Kernel Advisory Cybersecurity Center of Excellence Cybersecurity center of excellence acquired by AYCE Capital to serve its entire portfolio of MSP companies with virtual CISO (vCISO), managed security services, offensive security, and incident response capabilities.

Quantifiable outcome

• Acendex marked as 12th investment overall, representing 3rd American acquisition
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

19 partnerships are on record, tiered minor and core.

• Impact Growth Now (David Mac Isaac)minorImplementation/ SI/ Consulting Partner · 1 June 2026Managing Partner David Mac Isaac served as advisor to Netwide Technical Solutions on the transaction, guiding the deal to successful close.
• Kernel AdvisoryminorStrategic or Co-development Partner · 1 June 2026Portfolio company added Q2 2026. Nature of services not detailed in available sources.
• Netwide Technical SolutionscoreStrategic or Co-development Partner · 1 June 2026Pembroke, Massachusetts MSP founded in 2003 providing managed IT, cybersecurity, cloud infrastructure to Eastern Massachusetts. First Massachusetts investment, expanding into American Northeast.
• Canadian Cybersecurity Advisory FirmcoreStrategic or Co-development Partner · 1 May 2026Canadian cybersecurity advisory firm recognized as Canada's fastest-growing company. Establishes cybersecurity center of excellence serving entire AYCE portfolio with vCISO, managed security, offensive security, and incident response capabilities.
• iTValuationsminorStrategic or Co-development Partner · 1 April 2026Financial advisor to MSPs on transactions, facilitating deal flow to AYCE Capital. VP Corey Kerns provided commentary on NYC MSP transaction.
• Solid Technology SolutionscoreStrategic or Co-development Partner · 1 February 2026Edmonton, Alberta MSP founded in 2008 serving 11 Primary Care Networks plus healthcare specialists and practitioners across Alberta.
• AcendexcoreStrategic or Co-development Partner · 1 January 2026Cleveland, Ohio MSP founded in 1988 providing managed IT, cloud, business continuity to Northeast Ohio. 12th investment overall, 3rd US acquisition.
• Manhattan MSPminorStrategic or Co-development Partner · 1 January 2026New York, New York MSP added to portfolio in 2026. Investment announced with focus on Accounting and Apparel industries.
• Integrated Technology Group (ITG)coreStrategic or Co-development Partner · 1 October 2025Albany, New York MSP founded in 2001. Recognized as Top 200 MSP globally with average 15 years technical experience per engineer.
• Total e WorksminorStrategic or Co-development Partner · 1 September 2025Collingwood, Ontario MSP acquired by TAG with AYCE support. 30+ years providing IT support to SMBs.
• IDS SystemscoreStrategic or Co-development Partner · 1 April 2025Ottawa, Ontario MSP with nearly 30 years history providing cloud and on-premises IT solutions.
• I-WorxcoreStrategic or Co-development Partner · 1 April 2025Vancouver, BC MSP founded in 2003 providing cloud-based IT solutions to legal professionals. Winner of Best Workplace in BC 2014.
• PlexteccoreStrategic or Co-development Partner · 1 February 2025Kitchener, Ontario MSP founded in 1993, specializing in hosted MSP solutions for insurance industry with 20+ years experience.
• Resilient NetworkscoreStrategic or Co-development Partner · 1 January 2025Williston, Vermont MSP, AYCE's first US investment. Full-service IT consulting with expertise in network infrastructure, cloud, cybersecurity.
• Avenir ITcoreStrategic or Co-development Partner · 1 May 2024Winnipeg, Manitoba MSP founded in 2008 with 25+ employees. Focus on best-in-class IT support and cybersecurity for Winnipeg businesses.
• Complete Sentient Information Systems (CSIS)minorStrategic or Co-development Partner · 1 April 2024Oshawa, Ontario MSP acquired by CarefreeIT with AYCE facilitation. 25+ years serving businesses in Durham region.
• Technical Action Group (TAG)coreStrategic or Co-development Partner · 1 October 2023Toronto, Ontario MSP founded in 2002, serving SMBs across GTA. Known for enterprise-grade IT support with best-in-class documentation. AYCE supported TAG's acquisition of Total e Works.
• CarefreeITcoreStrategic or Co-development Partner · 1 August 2023Waterloo, Ontario MSP specializing in cybersecurity for small and medium businesses in Kitchener-Waterloo and GTA. 20+ years operating history.
• Rational Business SolutionscoreStrategic or Co-development PartnerMarkham, Ontario MSP invested Q1 2023. Provides outsourced IT, cloud, and cybersecurity services with focus on medical clinics. 25+ years operating history.

Scale indicators5 records

Recent moves16 records

Expansion highlights6 records

Direct peers

• Ntiva: PE-backed managed IT services provider built through a combination of organic growth and acquisitions. Comparable in business model (acquires smaller MSPs, provides centralized back-office and cybersecurity) and target customer segment (SMB and mid-market).
• Dataprise: PE-backed managed services platform with a roll-up history of regional MSP acquisitions. Comparable on acquisition strategy, end-customer mix (SMB/mid-market), and emphasis on centralized cybersecurity and cloud capabilities.
• Thrive: PE-backed managed services roll-up platform that acquires and integrates regional MSPs across the US. Closest comparable to AYCE's roll-up playbook: founder-friendly transitions, multi-state footprint, and cross-portfolio operating support.
• Coretelligent: PE-backed managed services and IT consulting firm built partly through acquisitions. Comparable in offering portfolio (managed IT, cloud, cybersecurity), target verticals (financial services, professional services), and decentralized integration model.
• iCorps Technologies: PE-backed IT managed services and cybersecurity provider serving SMB and mid-market customers. Comparable in customer segment, service portfolio (managed IT, cloud, security), and North American footprint.
• ADNET Technologies: PE-backed managed IT services and cybersecurity provider with a regional New England footprint. Comparable in size, customer segment, and emphasis on building out a portfolio-wide cybersecurity capability similar to AYCE's Kernel Advisory-led center of excellence.
• Net at Work: PE-backed provider of managed IT, cloud hosting, and ERP/business applications to SMB and mid-market clients. Comparable in the combination of acquired MSP capabilities, mid-market focus, and ongoing tuck-in M&A.
• ReStack (NetGain): PE-backed MSP roll-up platform with multiple acquired regional managed services brands. Comparable to AYCE in acquisition cadence, decentralized brand strategy, and portfolio-wide service consolidation.

Others

• ConnectWise: Major software vendor providing PSA, RMM, and cybersecurity platforms to thousands of MSPs. Adjacent rather than competitive: ConnectWise is an ecosystem enabler for the same MSP customer base that AYCE acquires and operates.

Broad incumbents

• CDW: Large public IT solutions and managed services provider serving mid-market and enterprise customers across North America. Comparable in the broad IT services category, but operates at materially larger scale and is not focused on the small-MSP roll-up niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ayce-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AYCE Capital