Here are details on recent mergers and acquisitions that have hit our radar.
Dating and networking app Bumble Inc. said May 20 that it plans to acquire a social networking app called Geneva. Terms of the deal weren't disclosed.
Austin-based Bumble said the deal, which is expected to close in the third quarter, will help it rapidly expand its Bumble For Friends from one-on-one connections to include interest-based communities.
Geneva Technologies Inc., which has a group chat app that helps people form in-person groups, was founded in 2019. It's based in New York and has raised about $36 million in venture backing from firms including Thrive Capital and Coatue, according to Crunchbase.
The Geneva deal is the first acquisition for Bumble this year, and it sounds like it may not be the last. The company's CEO, Lidiane Jones, who was appointed late last year, has said that the company will use mergers and acquisitions to help drive growth.
– Brent Wistrom
Adlucent, an Austin-based performance media and marketing tech company, is being acquired by Kansas City-based marketing firm BarkleyOKRP. Terms of the deal weren't disclosed.
Adlucent, a certified Google Marketing Platform that was founded in 2001, is led by CEO Ashwani Dhar, who will now become chief performance officer at BarkleyOKRP. Adlucent's 180 employees will also join BarleyOKRP. Read more here.
– Brent Wistrom
SubjectWell, an Austin-based startup that has a marketplace to connect patients with clinical trials, said April 30 that it has been acquired through an undisclosed majority stake investment by New York-based private equity firm WindRose Health Investors LLC. SubjectWell’s management team will continue to lead the company.
The move comes a bit less than six months after SubjectWell acquired Boston-area patient recruiting company PatientCentra, which is part of MD Connect Inc. SubjectWell, which was founded in 2012 and is led by CEO Fred Martin, raised a $35 million series B in 2022, which brought its total funding to $46.8 million.
– Brent Wistrom, Grace Mayer
Austin-based private equity firm Haveli Investments completed its $350 million acquisition of one of Baltimore’s largest cybersecurity companies on May 13.
ZeroFox Holdings Inc. (Nasdaq: ZFOX) was officially acquired by Haveli, ending a process that began in February. The company will continue to exist as a subsidiary of Haveli, according to documents filed with the U.S. Securities and Exchange Commission.
The Baltimore Business Journal reports that ZeroFox had struggled since going public through a SPAC deal two years ago, even facing the threat of delisting after its stock traded under a dollar. The sales price shows the rapid decline of the company’s value as it first went public with a valuation of $1.4 billion. ZeroFox specializes in external cybersecurity, focusing on threats like fake social media accounts and other bad actors. Despite its financial woes, the company pushed to expand through acquisitions and large government contracts.
– Brent Wistrom, Matt Hooke
In about six months, a new roll-up company — Nameless CPG Inc. — has acquired six businesses in the consumer packaged goods sector.
As some CPG founders are looking to exit their companies, a number are choosing to be rolled into Nameless CPG, where founders get shares instead of cash buyouts. So far, Hilo Nutrition, Awkward Essentials, Ladybird Provisions, Wile, Nakey and Everly have been bought by Austin-based Nameless CPG, equating to about $7 million to $8 million in revenue, said Albert Swantner, co-founder and CEO of Nameless CPG. He expects that figure to more than double by the end of the year.
While the companies are now owned by Nameless CPG, they'll continue to operate under their existing brands. Nameless CPG seeks to acquire companies in three verticals: women’s health, supplements and better-for-you food. Swantner said Nameless CPG is doing rollups differently because of its omnichannel brands, sold online and in retail. Plus, Nameless CPG keeps costs low by not outsourcing. Keep reading here.
– Sahar Chmais
Austin-based content collaboration and data governance platform FileCloud said May 23 that it acquired Canada-based e-signature and document workflow platform Signority for an undisclosed amount.
FileCloud, founded in 2016 by Amar Kanagaraj and Madhan Kanagavel, has raised about $40 million from backers including California-based Savant Growth, according to Crunchbase.
"Remote work and the push towards digitalization has expanded customer requirements for supporting digital workflows with their enterprise content," FileCloud CEO Ray Downes stated. "E-Signature represents a key component within our customer's content lifecycle management and workflows. This acquisition will help us accelerate our impact for customer digitalization, enabling them to meet compliance requirements for sensitive content processing."
– Brent Wistrom
Austin-based risk management startup Longbow Security has been acquired by Boston-area application risk management company Veracode for an undisclosed amount, according to an April announcement.
Longbow, which is focused on mitigating risk for cloud assets and applications, was founded in 2019 by CEO Dayne Myers and CPO Derek Maki. The two were previously both leaders of McKinsey & Co.'s cyber solutions group. Longbow went on to raise $10.5 million in venture backing from investors including San Jose-based Security Leadership Capital and Chicago-based Grafton Street Partners.
– Brent Wistrom
Austin's Apogee Telecom, which provides on-campus wireless networks and services, has been acquired by London-based Boldyn Networks, a shared network infrastructure provider. Terms of the deal weren't disclosed. Apogee will be part of Boldyn's U.S. organization, led by Christos Karmis, the company's U.S. business CEO.
Apogee was founded in 1998 by Chuck Brady, Larry Hall, Mark Holt and Rajiv Shenoy. It is led by CEO Scott Drossos. It doesn't appear to have raised venture funding, but it has made three acquisitions, including Cumulus Technology, which it bought in 2022, according to Crunchbase.
– Brent Wistrom
Austin-based ATX LED, which makes smart LED lighting systems using low voltage direct current wiring, has been acquired by Cleveland-based CleanLife LLC, which makes LED lights and smart home tech. Financial details weren't released.
ATX LED was founded in 2016 by Murray Freeman. It doesn't appear to have raised venture funding.
"People like to joke that I reinvented the light bulb. But even with that accomplishment, it's hard for inventors my age to find partners and to get investment," Murray stated. "After meeting up earlier this year with CLEANLIFE and working together during the Builder's Show, I knew I had found the right partners who shared the same vision and goals as me."
– Brent Wistrom
