IT services provider and consulting firm Trace3 LLC is celebrating 20 years of business with a move to a new office in the Irvine Spectrum, with this year’s revenue expected to exceed $2 billion.
The nationwide firm has 1,210 employees in 25 offices in the U.S., including 150 in Orange County.
“Having Trace3’s headquarters in Orange County has played a key role in our growth over the last 20 years,” Rich Fennessy, CEO of Trace3, told the Business Journal on Aug. 29.
He added: “We strive to recruit the best talent in the industry and thanks to the strengthening of the SoCal technology ecosystem, we have built a wonderful business.”
Trace3 was No. 17 on this year’s Business Journal list of largest private companies, measured by revenue. It is also one of Orange County’s largest privately held technology companies.
Trace3’s new office is in the same Irvine Business Center low-rise office campus along the Santa Ana (5) Freeway in the Irvine Spectrum, but it’s in a completely new office building at the park, which is owned by Irvine Co.
The new office layout, running around 22,000 square feet, has open space that allows for more creativity and collaboration, updated branding and an updated look, plus more space for visitors to work.
The company’s roster now includes 2,800 clients, who helped the company post 2021 revenue of $2 billion. Its list of “strategic partners” includes AWS (Amazon Web Services), Dell Technologies, Hewlett Packard Enterprise, Microsoft and Palo Alto Networks, according to the company’s website.
“Strategically, we are a people business that is always growing as we expand our capabilities and engage with new clients to solve their most complex business problems. As we look out over the next year, we will continue to grow and expand the Trace3 team,” Fennessy said.
Trace3 offers a broad mix of end-to-end technology services and solutions, ranging from artificial intelligence and data science to cloud computing and security consulting. The company also offers a venture capital briefing program, with a sharp focus on emerging technologies, and provides clients with extensive research focused on the latest IT trends.
“Since our inception back in 2002, Trace3 has consistently grown and expanded. Thanks to the Trace3 teammates, our partners, and our clients, we have a tremendous amount of momentum within our business and are projecting to do over $2 billion in sales this calendar year,” according to Fennessy.
“From the beginning, what has been our North Star and what’s fueled Trace3’s growth is our motto that ‘all possibilities live in technology,’” the CEO said. “We truly believe that technology is the key enabler of business process and, by extension, a better client experience.”
Private Equity Owners
Private equity company American Securities LLC of New York said last October that it completed the purchase of Trace3 from an affiliate of H.I.G. Capital of Miami.
No financial terms were released. Private equity trade publication PE Hub in May of last year pegged Trace3’s earnings before interest, taxes, depreciation, and amortization at around $100 million, citing officials familiar with the company’s operations.