All Covered has struck again, this time acquiring WaveTwo, a managed IT consulting firm focused on health care. All Covered, the managed IT services arm of Konica Minolta, has now acquired two MSPs this week (the other was Compuquip's MSP practice) and 11 since early 2011. The WaveTwo buyout furthers All Covered's push into vertical IT markets (health care, legal, education), and reinforces a global expansion strategy.

All Covered has spoken with and examined about 800 MSPs for potential acquisition in the past few years. So why did WaveTwo, based near Dallas, sell to All Covered? "We have been building this business for about 10 years," said John Arnott, Sr., managing partner of WaveTwo. "Our goal all along was to take this national, but we realized there's a short window of opportunity to do that" in the managed IT health care market.

One potential solution was M&A. WaveTwo had spoken with Bruce Teichman, All Covered's director or corporate development about three years ago. The conversation sparked up again about five months ago. In recent years, WaveTwo has built a business intelligence-type organization, with a heavy emphasis on business analytics services for health care companies. "It was serendipity when we heard from Bruce [Teichman] again," said John Arnott, Jr. "All Covered had a delivery gap in the health care vertical. Plus they wanted to grow the Dallas presence."

Todd Croteau, CEO of All Covered, reinforced the fact that All Covered is pushing into three verticals -- health care, legal and education -- while also expanding the company's geographic footprint. All Covered does not want to be known as a roll-up or market consolidation company. Rather, Croteau says he sees a real opportunity to drive profitable, high-value growth -- internationally -- at All Covered. Even amid the 11 buyouts over the past 18 months or so, All Covered is profitable, he confirmed.

Croteau also sees synergies between WaveTwo and Konica Minolta's EnvisionIT Healthcare offering. EnvisionIT Healthcare provides Managed Print Services, Managed IT Services via All Covered, integrated healthcare solutions, professional services, hardware and support, all under a single platform, the company said in a prepared statement tied to the WaveTwo buyout.