RTech Solutions Announces First Investment Partner Renodis to Accelerate Growth in 5G & LTE Connectivity Solutions for Business
The Knoxville, Tennessee-Based Company Projects Additional Growth in Cellular Technology Market Share with Investment from Minneapolis-based Technology Services Firm
- Investment strengthens enterprise offering and accelerates the development of new solutions for customers
- Strategic partnership brings multiple complementary services to market together
- RTech Solutions to maintain majority ownership and operate under its existing brand
Mar. 1, 2022 (KNOXVILLE, Tenn.) – RTech Solutions, the single-source provider for LTE & 5G all-in-one solutions-as-a-service, has completed its first investment round today by announcing a new minority partner in Renodis, the leader in telecom and mobility management based in Minneapolis. The investment is part of RTech’s ongoing strategy to capitalize on the rapidly expanding 5G connectivity for business market.
Knoxville, Tennessee-based RTech Solutions provides all-in-one wireless connectivity Solutions-as-a-Service that include hardware, data, and tech support for common business applications. RTech Solutions was born on a foundation that focused on listening to customers and simply helping them succeed while solving common business needs with off-the-shelf, turnkey services. RTech is built to make life easier for businesses.
After a thorough process to find the right strategic and financing partner to support its projected near-term growth, RTech co-owners Jennifer and Geoff Yearack selected Renodis as their first outside financing partner in 32 years of successful entrepreneurship.
“We sought a partner to help us sharpen our ability to serve enterprise and government customers with our 5G and LTE enablement expertise, products, and services. At the same time, we also required the partner to boast a skillset that fuels the growth of our POTS-over-LTE Replacement and 5G as-a-service solutions. I hold extreme confidence that Renodis stands as that perfect partner to help us solve the complex enterprise challenges faced by clients. With their investment, RCN and RTech seek to deploy our innovative and market-leading 5G and LTE enablement solutions in the field with more agility, efficiency, and confidence for our customers.”
Renodis’ partnership brings more than growth financing, as it has 20 years of industry expertise and resources that will accelerate RCN’s capabilities to serve increased customer demand for 5G and LTE-based wireless solutions. With its own remarkable growth under the leadership of CEO and owner Craig Beason, CFO David Steichen, and CTO Matt Spivey, Renodis is a natural and complementary fit with its focus on providing turnkey telecom management services. Renodis’ investment also includes a minority stake in RTech Solutions, a leader in cellular data management, and 5G & LTE all-in-one solutions as a service.
“Our investments in RCN and RTech position Renodis as a leading provider of 5G and LTE enablement solutions. Renodis’ most important priority has always been ensuring the resiliency of our clients’ connectivity, advising on the right technologies, and providing best-in-class managed solutions. These investments mark a very important milestone in our continuous effort to ensure our clients have access to the industry’s best outcomes, greatest resiliency, and lowest costs.”
The three companies project to drive accelerated growth through the partnership by leveraging the strengths, resources, and relationships of each. Combined, they will improve services for each company’s current customers and drive new collaborations between their respective teams. Customers of all three companies can expect seamless, full-spectrum wireless communications solutions for enterprises seeking advanced technologies, innovative solutions, and turnkey ‘as-a-service’ options.
The funding will be used to accelerate new technology and solution development, increase sales staffing, expand marketing activities, and add engineering and support talent and resources for RTech’s operations.
Minneapolis-based Cherry Tree & Associates served as the investment banking advisor on the transaction.
About RTech Solutions
RTech Solutions is a single-source provider for LTE & 5G all-in-one solutions-as-a-service. RTech delivers customers turnkey cellular services backed by secure cloud-managed, cross-carrier pooled data. RTech’s bundled services combine best-in-class hardware, major U.S. carrier data, world-class tech support, and cloud management platforms for one low, fixed monthly cost. Popular services include solutions for converting POTS lines to operate over LTE networks, backup wireless internet, out-of-band management, and more. RTech is headquartered in Knoxville, Tenn., and has been making it easy for businesses to get connected since 2018. For more information, visit getrtech.com.
About RCN Technologies
RCN Technologies is a 5G & LTE enablement specialist for business, providing end-to-end white-glove service to help customers stay connected with Fixed Wireless Service, Wireless Backup Internet, Managed Data, Rugged Connected Devices, and Private Cellular Networks. RCN focuses on providing the best end-to-end consulting, integration, field, and support services and manufactures all-in-one wireless solutions including the PNK, POTS-over-LTE Kit, Public Hotspot Kit, and more. RCN was named the first East Tennessee-area I.T. company to be certified woman-owned and rank on the Inc. 5000 list and holds numerous top-level partnerships with cellular industry titans. Founded in Knoxville, Tenn. in 2013, RCN has helped thousands of organizations with 5G & LTE-focused consulting, integration, field, and support services. For more information, visit rcntechnologies.com.
About Renodis
Renodis is a Connectivity Technologies Consulting, Sourcing, and Managed Services firm. We help enterprises accelerate their copper to cloud journey resulting in less frustration from managing legacy technologies and suppliers, better utilized IT talent, and improved support experience for their offices and people. All while client experience skyrockets and IT costs are reduced. A Saint Paul, Minnesota-based company since 2002, Renodis has helped hundreds of organizations with their communications technology transformations. Find out more at Renodis.com.
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Contact: Mark Indelicato
Marketing Manager
865.293.0350
mark.indelicato@getrtech.com