Last year’s acquisition of telecom Master Agent Intelisys by Scansource, surprised many observers, mainly because of the valuation of the deal itself. As explained by Channel Partners Senior Editor Lynn Haber, the two companies have had an “arm’s length” relationship since 2013, so the idea of them merging isn’t what is surprising, but rather, what the deal was estimated to be worth.

The nature of the deal structure means arriving at a confirmed deal value is a bit difficult, but some are estimating the total valuation to be about $233.6 million.

Regardless of how this deal is viewed, it is big news for those who operate within the channel, as it demonstrates very clearly that independent agents, sub-agents, VARs, MSPs, and others with customer relationships are truly valuable in their own right. Intelisys has approximately 120 people and they are heavily focused on supporting their agents through supplier training. The deal size implies that it is the nationwide network of independent sales agents that is valuable though, well above what might show up on a P&L or Balance Sheet.

Globe & Anchor didn’t start out as a Master Agency, but evolved over time because of the reality that surrounds this Intelisys acquisition by Scansource. Quite simply: relationships matter, and when service providers, agents, and end users come together in meaningful ways, the relationships matter a great deal.