Listed digital firm Kin and Carta makes US acquisition
Listed digital firm Kin and Carta has acquired private US firm Spire Digital.
The firm, which has offices in several major UK cities, expects the latest acquisition to bolster its global growth, and will be earnings-enhancing in the first full year of ownership.
Located in Denver, Colorado, Spire provides ‘digital innovation’ services for the Fortune 500 and mid-market growth firms.
Ranked first in the region and fifth globally for Custom Software Development by software developer and ratings and reviews site Clutch, the over 100-strong company offers technical design, development, software, engineering and product strategy.
Its president Adam Hasemeyer and COO and Nick Coppolo have been leading the business for the past three years and will remain as Spire senior management.
Mike Gellman, Spire's founder, will remain an advisor to Spire Digital.
The firm will be integrated into the Kin + Carta Innovation platform in stages, starting in the first year following completion of the Acquisition.
Commenting on the Acquisition, Kin + Carta's CEO J Schwan, said: "The acquisition of Spire Digital is directly in line with our growth strategy, delivering a strategic foothold in the western United States with a best-in-class software design and engineering capability that adds to our fast growing Innovation pillar.
“Spire has a strong reputation of delivering highly innovative solutions and building a winning culture that's hard to find. We're looking forward to bringing the Spire Digital team into the Kin + Carta Connective."
Adam Hasemeyer, President of Spire added: " To realize our fullest potential, we recognized that we needed a partner with deeper resources and a broad geographic reach.
“We scouted the market from the largest global firms to niche players and decided on Kin + Carta as the perfect choice for Spire. We identify closely with the spirit of entrepreneurialism and agility that we found there and are excited to reach new heights as a part of this impressive organization."
The Acquisition purchase consideration is comprised of an initial cash consideration of approximately $14.8m.
Prior to completion, Spire Digital was owned by its founder, Mike Gellman, with the remaining equity held by minority holders.