FOR IMMEDIATE RELEASE
Parallel Technologies, Inc. Announces it is Now 100% Employee-Owned
Central Ohio Technology Company forms ESOP to reward employees
Dublin, OH – Parallel Technologies, Inc., a leading provider of business communications services, is proud to announce that it is now 100% employee-owned. In forming the new Employee Stock Ownership Plan (“ESOP”), Parallel builds on the core belief that its most important work is providing value in relationships—with customers, vendor partners, the community, and employees.
“The ownership team considers it a privilege to be able to reward the hard work and dedication of our staff by transitioning to a 100% ESOP Company,” said Parallel President Don Poling. “Our devoted employees are the core of Parallel Technologies, and transitioning to an employee-owned company rewards them for their many years of service and commitment. Our outstanding retention rate—the average employee tenure is 18 years—is something we are extremely proud of.”
Parallel was founded in 1983 by Executive Vice President Marty Jacobs and Chairman of the Board Joe Redman. Today, Parallel is one of the largest voice communications companies in the Midwest and provides a variety of business communications solutions, including phone systems, Unified Communications, VoIP, SD-WAN, and networking (both on-premise and as-a-service). Parallel serves a wide variety of industries and clients—the Columbus Zoo & Aquarium, Bricker and Eckler, Fahlgren Mortine—from offices in Dublin and Cincinnati.
In July 2018, Parallel’s co-founders transitioned ownership to four executives. In late 2019, the new owners—Don Poling, Rob Schmittauer, Jamie Baird, and Brad Lotz—began exploring the ESOP structure. Business Transition Advisors served as an advisor to Parallel.
“In all the exit transactions we’ve done, Parallel stands out for putting a remarkable emphasis on benefitting employees, customers, vendor partners, and the broader community,” said Rick Jaye, Senior Vice President of Business Transition Advisors. “These owners truly believe in the concept of doing well by doing good.”
Employee-owned companies are shown to consistently outperform peers, according to the National Center for Employee Ownership. Employee-owned companies grow about 2.5% per year faster in terms of sales, employment, and productivity, and deliver 2.2 times the total retirement assets of non-ESOP companies, providing substantially greater job stability. Further, ESOPs stay in business longer on average.
“We believe all small businesses should consider this structure to instill dedicated employees with a sense of ownership,” Poling said. “In becoming an ESOP, we have created a more sustainable business model, a more rewarding work experience, and a more meaningful corporate culture of employee empowerment and responsibility.”
For over 35 years, Parallel has helped thousands of customers navigate the ever-changing technology landscape to provide value to their business, and that mission has never been more important. The ESOP reorganization comes as Parallel assists numerous companies with the shift to remote work during COVID-19, including by implementing video conferencing and cloud communications infrastructure.
“Billing a client for emergency needs during COVID-19 feels opportunistic,” Poling said. “Our entire organization was challenged to solve every client’s immediate need to comply with the work from home mandate and to do so without generating an invoice. Our service teams worked around the clock as each customer became a case by case situation. Reflecting back, this is one of our proudest moments as an organization. Doing the right thing is always an easy decision.”
Parallel’s existing staff and leadership team will remain in place following formation of the ESOP.
About Parallel Technologies, Inc.
Parallel Technologies, Inc. is a premier provider of business communications, including phone systems, Unified Communications, VoIP, SD-WAN, and networking (both on-premise and as-a-service). Through strategic partnerships with top-rated equipment and service providers, Parallel serves as a single point of contact for all communications needs. The company’s dedication to responsive, reliable service has earned numerous industry awards, including multiple ShoreTel Circle of Excellence Awards. Parallel believes its most important work is to provide value in relationships—with customers, vendor partners, the community, and employees. The company has been nominated as a Best Place to Work every year since 2007, and in October 2020 became 100% employee-owned. Parallel consistently ranks among top partners to its vendors, from CBTS Partner of the Year to Mitel Platinum Partner status. For more information, visit www.paralleltech.com.