Heartland Business Systems has acquired Applied Tech Solutions in a deal backed by private equity firm GenNx360 Capital Partners, marking the first add-on acquisition since GenNx360 acquired HBS in October 2025. The transaction significantly expands HBS’s managed IT services footprint and enhances its cybersecurity and cloud capabilities across the Midwest and Rocky Mountain regions.
Based in Little Chute, Wisconsin, HBS provides end-to-end IT services including network infrastructure, cloud, cybersecurity, and managed services for commercial and public sector clients. Applied Tech, headquartered in Madison, Wisconsin, specializes in outsourced IT managed services, cybersecurity, and cloud solutions, bringing an AI-enabled delivery platform to the combined business.
The acquisition more than doubles the scale of HBS’s managed services operations and strengthens its ability to deliver technology solutions at scale. Applied Tech’s CEO, Daniel Petersen, will remain with the organization as SVP of Service Platforms, where he will help guide the integration and future roadmap of the combined managed services platform.
GenNx360 emphasized that the deal is a key step in scaling HBS’s services platform and accelerating growth through both organic and inorganic initiatives. The firm continues to focus on building out middle-market business services companies with strong operational capabilities.
HBS currently serves more than 3,200 clients across the Midwest, supported by over 675 employees and more than 400 certified engineers across 17 regional offices.
Support: Equiteq Securities LLC served as exclusive financial advisor to Applied Tech Solutions.
KEY QUOTES
“We are excited about the partnership with Applied Tech, whose advanced delivery platform and deep technical bench will meaningfully bolster our managed services business at HBS. Applied Tech’s AI-enabled delivery platform will enhance the quality and speed of delivery for our client base and provide runway for accelerated managed services growth. The acquisition more than doubles the scale of our managed services business and significantly strengthens our managed services platform capabilities.”
Jimmy Buddenberg, CEO of Heartland Business Systems
“I am excited for Applied Tech to become part of a larger organization and to continue in a leadership role with HBS going forward. Applied Tech’s AI-enabled service delivery platform is focused on creating positive outcomes for our customers and we are excited to extend those capabilities across HBS’ customer base. Our platform combined with HBS’ deep expertise across a broader set of technology solutions will allow us to continue to generate positive client outcomes and deliver greater value at scale.”
Daniel Petersen, CEO of Applied Tech Solutions and Incoming SVP Service Platforms at HBS
“The acquisition of Applied Tech represents a critical step in our evolution, providing our managed service offering greater scale and a delivery platform to prime HBS for accelerated service growth.”
Sean Epps, Managing Partner at GenNx360 Capital Partners and Chairman of the HBS Board of Directors
“We have been impressed with the business Daniel and team have built and look forward to continuing to build the HBS platform in partnership with the Applied Tech team.”
Peter White, Principal at GenNx360 Capital Partners
