In 2018, VasoTechnology, a.k.a. NetWolves Network Services (NetWolves) celebrated 20 years in the technology sector with a host of new products and services in line with its origins as a cybersecurity company. Our flagship offering is a unique look at Enterprise IT supporting our extensive managed services business. This “new view” is going to change the way companies approach their IT ecosystem and will make outsourcing a much more transparent and viable option.
NetWolves launched into the network security appliance market in late the 1990s when it went public via a reverse merger. While the Company achieved early successes with banking and logistics customers, it needed to diversify quickly in the wake of the “Dot-com-bubble” and sought expansion with a service offering. The Company achieved this transformation in 2002 with the acquisition of Norstan Network Services, an FCC-licensed common carrier. This Minnesota-based telecommunications provider came with a mix of several thousand business and residential customers and a single facility partner, namely, Sprint. Today, our network aggregation business boasts more than 15,000 business locations globally – delivering both primary and disaster-recovery networks from over 150 different facility partners, including wire-line, wireless, fiber and satellite products.
Throughout the 2000s, the company continued to diversify itself and made its mark as a managed service provider (MSP) by committing to customer-focused solutions – not only by incorporating its patented proprietary technology, but also by bundling in other “best-in-class” solutions that organizations required but didn’t have the capacity to deploy and manage. Once again, the Company would have its resolve tested in the market collapse of 2007 and determined that a private vehicle would be the best structure to weather the storm. From 2008 through 2015, the Company was able to grow by 65% and deliver year-on-year profitability. Commenting on this, Peter Castle, Company President, stated, “Throughout our history, our success and longevity has been attributable to several factors:, first and foremost our customers who stood by us through thick and thin, as we have stood by them. Additionally, I want to recognize our employees, many of whom work tirelessly, as if it were their own business. Finally, our flexibility and nimbleness, which has so often put us ahead of market trends and always diversified our risk.”
Once again, we found ourselves in the midst of a transformation, this time during an “upmarket”. We were acquired by Vaso Corporation (Vaso), in June 2015, with the intention of creating VasoTechnology, our current entity, and the flagship growth engine for Vaso. At the core of the new business unit are the operations of NetWolves Network Services and VasoHealthcareIT (VHCIT). VHCIT is a healthcare application value-added reseller (VAS) launched in late 2014 after signing the first National Specialty VAR agreement with GEHC. This marriage not only provided the NetWolves MSP model access to applications management, but more importantly access to the Healthcare vertical market, both of which were key elements of the company’s strategic roadmap.
While there have been many challenges associated with launching a Healthcare Applications VAR, for example, slow revenue pull-through and significant cash investments, it has delivered in three short years in excess of $18 million in gross contract value. Further commenting, Mr. Castle stated, “None of this would have been possible without the support from and partnership with our sister organization, VasoHealthcare (VHC), GEHC’s largest partner selling imaging systems on an exclusive basis predominantly to the healthcare middle market, and our parent, Vaso, who maintains a strong cash position and the vision to fund this strategy.”
2018 is not only a bookmark signifying 20 dynamic years in the technology industry, but will also usher in a new era and see the beginning transformation from a Technology Services Bureau to a Data Services Bureau. More will be shared on our future strategy and plans over the course of the year. At the center of our vision, “The New View into Enterprise IT”, is the ability to give all levels of management transparency and accountability across the entire IT ecosystem, or as we refer to it, “All-things-connected” (ATC). Our vision is focused on the increasing rate at which the enterprise is connecting machines, adding complexity and creating data. IT departments are falling behind the curve in Network, Applications, Compute & Security, and the sensible solution is to get out of the IT management business and turn it over to a purpose-built organization designed around maximizing a company’s ability to see the benefits and effectiveness of outsourcing non-core IT functions.”