Highlights:

Fifth Third bought LaSalle in 2019 as part of its parent company Fifth Third Bancorp’s merger with MB Financial, Inc.

LaSalle clients will receive access to Trace3’s sophisticated technology portfolio.

Trace3 acquires LaSalle Solutions

Trace3 has signed a conclusive agreement to buy LaSalle Solutions (“LaSalle”), a business division of Fifth Third Bank (“Fifth Third”), to expand Trace3’s national reach while also enhancing the technology solutions portfolio that would be accessible to the clients of both firms. The deal is expected to be finalized in April 2022.

Fifth Third obtained LaSalle in 2019 as part of a merger between its parent firm Fifth Third Bancorp and MB Financial, Inc., and will keep LaSalle’s leasing business. Fifth Third is selling the portions of LaSalle that do not fit with its core banking business.

LaSalle is based in Rosemont, Illinois, and serves a wide range of technologically complex business clients, including numerous Fortune 500 organizations. LAMP, LaSalle’s infrastructure lifecycle management platform, is widely acknowledged in the market as a pioneering asset management tool that helps clients optimize the management of their IT environment. The newly formed firm will serve as a prominent provider of technology in the cloud, data intelligence, security, and overall enterprise IT solutions.

LaSalle clients will receive access to Trace3’s sophisticated technology portfolio, which includes expertise in data intelligence, security, Artificial Intelligence (AI), and advanced data centers, by joining the Trace3 group. LaSalle consumers will also benefit from Trace3’s long-standing dedication to providing emerging-tech-inspired solutions in close collaboration with the venture capital community. LaSalle will also enhance Trace3’s offerings in data center infrastructure, collaboration, and IT lifecycle services.

Trace3’s purchase of LaSalle is in line with the company’s long history of strategic and organic expansion.

By developing a lifecycle management business segment within Trace3, the LaSalle executive team will continue to manage the company.

Fifth Third is taking advice from RBC Capital Market, which is its exclusive financial advisor, and Alston and Bird LLP is its legal advisor. Trace3 has hired Benesch Friedlander Coplan and Aronoff LLP as its legal counsel.

Experts’ view

Rich Fennessy, CEO of Trace3, said, “For years we have provided consulting services on how to leverage technology and data to help businesses grow and operate efficiently.” Fennessy added, “It’s clear many organizations continue to struggle with maintaining visibility across their increasingly complex IT environments, especially as they evolve toward hybrid cloud. LaSalle will help us provide that visibility and insight for clients to more efficiently manage their IT assets, maintenance agreements, and ultimately simplify IT lifecycle processes.”

Steven Robb, President of LaSalle Solutions, said, “Lasalle is excited to join Trace3 and deliver even greater value to our clients.” He added, “We intend to leverage our combined engineering, sales, and management teams to develop additional service offerings for our clients, create new opportunities for our employees, and improve our standing within the partner ecosystem. The combined business will continue providing a solutions-focused and results-driven approach for technology clients. This is an exciting time for our company.”