Siris Capital Group wraps up deal to buy TPx Communications

networking
Affiliates of Siris Capital Group complete a deal to buy TPx Communications. (Pixabay)

Siris Capital Group announced on Wednesday that it has completed its purchase of Unified Communications-as-a-Service (UCaaS) and managed services company TPx Communications.

As part of the deal, which was first announced last August, TPx Chairman and CEO Richard Jalkut announced his retirement. For now, Siris Executive Partner Joseph Cozzolino will serve as executive chairman of the board of TPx and as interim CEO. Cozzolino is also leading the process to identify and select a permanent CEO.

Prior to joining Siris, Cozzolino had a high profile role as senior vice president and worldwide general manager at Cisco, where he was responsible for growing Cisco's $12.7 billion global services business.

TPx also announced that Brent Novak was named chief financial officer. Novak succeeds Tim Medina, who will be stepping down from the CFO role to pursue other interests. Novak brings more than 25 years of financial leadership to the role, including 14 years at Ixia.

Additionally, TPx announced that Greg Daily is now leading the sales and customer success organizations in the newly created role of chief revenue officer. Daily brings 30 years of technology and telecom experience to TPx.

RELATED: TPx sells fiber assets to Uniti for $95M to pay debt, increase managed service investments

Financial terms of the deal haven't been disclosed. Siris said it would keep TPx's headquarters in Los Angeles.

TPx, which was also known as TelePacific Communications, was founded in 1998. As a managed services provider, TPx offers unified communications, contact center, managed security, managed WAN, and additional IT services and network connectivity solutions.