Titan, a newly formed holding company aiming to acquire and modernise IT services providers by embedding artificial intelligence into their operations, has completed its first deal, partnering with the renowned and regulated Global managed service provider (MSP and MSSP) RFA originally known as (Richard Fleischman & Associates).
Titan, which has also closed a $74m funding round led by General Catalyst, plans to pursue further acquisitions as part of an “AI-enabled roll-up” strategy.
“Today marks a defining moment in the history of RFA. As a leader focused on IT services and white glove support and standards we are proud to announce a partnership with Titan,” said George Ralph, Global Managing Director & CRO at RFA. “Not only did we achieve regulatory status last year we are now at the cutting edge of AI innovation with the new partnership!”
RFA has around 300 employees and serves over 400 (fully outsourced) clients in the financial services sector across multiple countries.
As well as making acquisitions, Titan, which was co-founded by Saurin Patel and David Heffernan, is building an AI platform that it says will work alongside its human staff, employing autonomous AI agents to handle repetitive IT support tasks, and allowing human staff to focus on higher-value advisory work for clients.
General Catalyst’s backing for Titan, which equates to a <50% stake in the company, is from its $1.5bn Creation fund, roughly half of which is earmarked for AI-driven consolidation plays in traditional services industries, including legal, insurance, and business-process outsourcing. The firm believes IT services are particularly suited to AI automation, with the potential to streamline up to 30% of Titan’s client workload.
