Birmingham-based ConcertCare has grown substantially via a merger with information technology company International Development Connection.
The merged company, now named ConcertIDC, will be headquartered in Birmingham and will have over 120 total employees in four states in the U.S., including Tennessee and Montana, and eight states in India.
Specific financial details were not disclosed, but the deal was a non-cash transaction.
Debra Hays, who will remain CEO of the merged entity, said the transaction was a true merger, with ConcertCare LLC owners and investors retaining 65% ownership of the new entity and IDC LLC retaining 35%.
Hays, who became CEO of ConcertCare in 2020, said the two companies are intertwined given that ConcertCare helped IDC get started through a build, operate and transfer model. ConcertCare also helped IDC establish a presence in India. Over time, the two companies discovered a great deal of cooperation and found it made sense to merge, she said.
“This is a real partnership. Although the percentages are different in terms of how much we own versus how much they own, it really needed to come together in a way that didn’t have any barriers,” she said. “There’s no need to create anything other than just a smooth partnership, which is what it is. We debated and took quite a bit of time with some brand-new people working on doing a whole new name, and when it all came down to it, it made more sense to combine our two names to show the company we are.”
Hays said the deal resulted in the combined company gaining more than $7 million in revenue immediately. The merged company is also planning to institute a broad hiring strategy, including 22 positions in India and three in the U.S. Leaders are looking for more strategic positions including a portfolio director and leaders on the technical side.
Hays wants to keep the oversight, governance and management in Birmingham and in the U.S.
While the company is committed to having offices in India, leaders have been investigating opening an office or purchasing a company in Ukraine, but they are still evaluating other possibilities for Eastern Europe or South America.
The merged company looks to expand on a startup investment apparatus now called ConcertIDC INC Tank, a technology incubator that transforms early-stage ideas into products or services. Hays said that she wants to increase the company’s presence in startup investments. More details into investments that the company will make will be announced later.
