26North Partners LP has announced that its affiliates have entered into a definitive agreement to acquire Intermedia Intelligent Communications from funds managed by Madison Dearborn Partners.

Intermedia supports more than 7,500 partners that leverage its cloud-native technology to address the communications and collaboration needs of more than 150,000 business customers. The migration from aging on-premise phone systems to the cloud has driven strong growth at Intermedia.

Intermedia's differentiated partner-first model, including its Customer Ownership Reseller (CORE) approach, allows IT and managed service providers (MSPs), telcos and cablecos to purchase, brand as their own and deploy Intermedia's cloud communications portfolio while enabling partners to retain ownership of the customer relationship. This approach has helped Intermedia build a fast-growing recurring revenue base underpinned by durable relationships and high customer satisfaction.

As AI continues to reshape how businesses communicate and operate, Intermedia has deepened AI innovation across its platform. The company's integrated and AI-embedded platform spans unified communications, contact center, archiving and data intelligence, Microsoft Teams integrations, vertical-specific solutions, business email and productivity applications, security and more.

"We are thrilled to partner with Intermedia and pleased to have current management remain as investors in the business," said Mark Weinberg, senior partner and head of private equity, 26North. "The company has built a leadership position in cloud communications, with innovative products, high-quality service and support, a strong team and a powerful channel partner network. This transaction is another example of 26North's private equity strategy: investing in growing, market-leading businesses where our platform can contribute meaningfully to a company's future growth and profitability."

Intermedia's CEO, Michael Gold, has led the company for more than a decade. Under Gold's stewardship, the company has transformed into a communications-focused, partner-driven business, deepened its presence in key vertical industries, including health care, legal, education, financial services and automotive, expanded its international footprint and partner network, and earned a leading reputation for quality and support.

As a result, Intermedia represents a communications business with meaningful scale, generating more than $430 million in annual recurring revenue, delivering 20% year-over-year growth in its communications business and significantly expanding profitability.

"Intermedia has spent a decade building the right model to capture the opportunity in today's cloud communications market by focusing on channel partners and the SMBs they serve," said Tyler Sipprelle, private equity partner, 26North. "We intend to support Michael and his team as we take the business further through organic and inorganic investment."

26North will bring its operational resources and network to support Intermedia's expansion. 26North's Alpha Creation Team will work alongside Intermedia's management to accelerate value creation across product development, distribution and operations.

“We are incredibly proud of what the Intermedia team has accomplished during our partnership," said Brendan Barrett, managing director, Madison Dearborn Partners. "Over the course of our ownership, the company has built a highly differentiated platform, scaled a robust partner ecosystem and consistently delivered strong growth in a competitive market. We believe Intermedia is exceptionally well-positioned to build on this momentum with 26North."

The opportunity ahead is substantial: as AI accelerates the shift from legacy infrastructure to cloud-native communications, Intermedia's partner network and embedded AI capabilities position the company to capture a significant share of that transition.

"This partnership with 26North marks an important step forward for Intermedia," Gold said. “We have built the business around a model that aligns closely with our partners and customers, and that alignment is becoming even more relevant as AI opens new opportunities for how organizations communicate and operate. We are grateful to Madison Dearborn for its partnership, and to our partners, customers and team who have been instrumental in building Intermedia into what it is today. We look forward to working with 26North to accelerate this progress in the years ahead."

Intermedia joins a growing family of companies within 26North's private equity portfolio, including ArchKey Solutions, AVI-SPL, Bruin Capital, Composition Brands, NEP Group and Onelife Fitness.

The transaction is expected to close in the second quarter of 2026, subject to satisfaction of customary closing conditions.