Atlanta-based Sparq has acquired Charlotte tech company Kingsmen Software.
Terms of the deal, announced today, were not released. The transaction is part of a move to expand Sparq's capabilities in the AI space and strengthen its footprint in the financial-services sector, a company spokesperson told CBJ.
"Kingsmen helps us on both fronts," the Sparq spokesperson added.
For Kingsmen, the deal provided the company with expanded client offerings, a larger national salesforce and more career opportunities for its employees, the spokesperson said.
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Kingsmen, founded in 2013, innovates custom software products for various customers across the financial-services, fintech and health-care sectors. The company's expertise includes software delivery, product design and technology advisory. It also has been focused on designing generative artificial intelligence solutions.
Sparq CEO Monty Hamilton said in a statement that Kingsmen's presence in Charlotte provides the Atlanta software engineering company with a footprint in one of the nation's largest banking hubs. The deal also equips Sparq with more AI thought leadership.
"Kingsmen brings a high level of expertise in GenAI to Sparq, giving our clients more options and insights so they can be on the forefront of the rapidly evolving technology landscape," Hamilton said.
Bill Clerici, who served as CEO and managing partner at Kingsmen, said in a news release that the deal was key for the success of the company's clients.
"Sparq represents a wonderful opportunity for our clients, allowing us to utilize their size and history of technical excellence to bring scale and additional scope," he added.
Kingsmen's leadership team and about 50 employees will be folded into Sparq. Clerici will be taking on a senior role at Sparq, stepping down from his position as CEO, the spokesperson said.
Kingsmen moved into a 16,000-square-foot space at Camp North End last year, leaving uptown and doubling its Charlotte office footprint. It signed a seven-year lease at Camp North End. Sparq will maintain that office space, the company told CBJ.
Kingsmen Software Camp North End HQ
Sparq, founded in 2009, serves as a digital engineering consulting company for developing, deploying and supporting digital applications, products and experiences. It has about 1,000 employees.
Last year, private equity firm Harvest Partners acquired a majority stake in Sparq to allow it to scale its operations and digital service offerings. Bain Capital Double Impact, a fund based in Boston, also has served as one of Sparq's investment partners since 2019.
