Big names like Zillow and Salesforce were among the companies that came shopping for Chicago tech firms in 2021.
Topping the year's list of M&A deals was Grubhub's acquisition to Just Eat Takeaway.com, which was finalized in June for $7.3 billion. Other mega-deals include tastytrade's $1 billion deal to IG Group, and Tock's $400 million acquisition by Squarespace.
Check out some of the biggest Chicago tech deals of the year below.
Grubhub
Netherlands-based Just Eat Takeaway.com's $7.3 billion deal to acquire Grubhub became official this year after first being announced in 2020. The acquisition created the largest online food delivery company outside of China. Grubhub CEO and co-founder Matt Maloney stepped down from the company in October, just four months after the deal was signed.
Echo Global Logistics
Chicago logistics firm Echo Global Logistics announced in September it would sell itself to private equity firm Jordan Co. in a $1.3 billion deal. The company was founded in 2005 by Eric Lefkofsky and Brad Keywell, and it has around 2,700 employees in 30 offices around the country.
Inteliquent
Swedish tech company Sinch agreed in February to acquire Chicago-based Inteliquent for $1.14 billion. Inteliquent, founded in 1997 and previously owned by private equity firm GTCR, is a cloud voice communication platform. It is directly connected to every major telecom carrier and covers 94% of the U.S. Sinch, a Twilio competitor, said the deal will help expand its cloud communications business in the U.S. population.
tastytrade
Chicago fintech startup tastytrade announced in January that it would be acquired by online trading platform IG Group in a $1 billion deal. The deal includes $300 million in cash and 61 million IG shares. Founded in 2011 by Kristi Ross and Tom Sosnoff, tastytrade is the owner of tastyworks, a high-speed technology brokerage firm, and dough, a mobile-first brokerage firm. It also operates a popular online financial media network that offers live and interactive trading content to retail traders.
ShowingTime
In February, Zillow announced plans to acquire Chicago's ShowingTime, a tech firm that pioneered online scheduling for the residential real estate industry. Founded in 1999, ShowingTime has developed an online scheduling platform for home showings, helping agents coordinate schedules and seamlessly book a confirmed home showing online. ShowingTime said it has a network of nearly one million agents across North America, and last year it facilitated more than 50 million home showings.
Tock
Tock, a Chicago restaurant reservation startup from Alinea co-founder Nick Kokonas, was acquired by Squarespace in March for $400 million. Tock's app makes diners put down a deposit in order to hold a table and competes with similar companies like Opentable. As the Covid-19 pandemic struck, Tock launched Tock to Go, a feature that lets restaurants offer pickup and delivery. The service is aimed at restaurants that previously weren't equipped to offer takeout, helping them recoup lost revenue and employ more of their staff.
Rise Buildings
Rise Buildings, a Chicago startup that makes software for the commercial real estate industry, was acquired by New York-based VTS in a deal reportedly worth $100 million. Rise Buildings, founded in 2016 by Prasan Kale and Sid Jain, makes a mobile app for commercial real estate building managers to monitor and serve tenants. Rise’s software integrates directly with existing property management systems, access control and sensor systems, as well as amenities and elevators.
Jiobit
In April, Life360, a Silicon Valley family tracking app, announced plans to acquire Chicago hardware startup Jiobit in a deal worth up to $54.5 million. Jiobit creates tracking devices for kids and pets and was founded in 2015 by John Renaldi, a former Motorola executive who created the device after briefly losing track of his own child in Maggie Daley Park.
DialogTech
Chicago-based marketing analytics company DialogTech was scooped up in May by Invoca, a California company that makes conversation intelligence software. The terms were undisclosed. DialogTech, founded in 2005, uses artificial intelligence-powered call tracking technology to provide phone call analytics for businesses. With DialogTech, Invoca says it will be able to invest in product innovation and reach clients in key industries.
Narrative Science
Salesforce announced in November its plans to acquire Chicago AI startup Narrative Science. Narrative Science is now part of Tableau, a Salesforce-owned software firm that provides data visualization tools. Narrative Science was founded in 2010 by Stuart Frankel, Kris Hammond and Larry Birnbaum. Its technology was used early on to turn baseball box score data into computer-generated game stories, and today it's used by businesses to make sense of their data and better understand sales figures, marketing and other metrics. Terms of the deal were not disclosed.
Wyzant
San Francisco-based IXLsaid in February it would acquire Wyzant, a Chicago company that offers a network of more than 65,000 online tutors. Terms of the deal were not disclosed. Founded in 2005, Wyzant has built an online tutoring marketplace for anyone from kindergarteners to adult learners to connect with one-on-one mentors.
Explorer Surgical
Explorer Surgical, a Chicago health care startup that makes digital playbooks for surgeons and medical device companies, said in October that it's getting scooped up by Colorado health-tech firm Global Healthcare Exchange. The startup was born out of the University of Chicago and creates procedure playbooks for medical teams as well as performance tracking tools. It was founded by CEO Jennifer Fried and Dr. Alex Langerman, a former UChicago faculty member. Terms of the deal were not disclosed.
NowPow
Unite Us, a New York-based tech startup valued at more than $1.6 billion, scooped up NowPow, a Chicago startup that helps people find health and wellness resources in their neighborhoods. The company, founded by UChicago gynecologist Stacy Lindau and led by CEO Rachel Kohler, launched in 2015 and has grown to 140 employees. The company has been mostly bootstrapped to date, raising just $4 million in loans and friends and family funding. Terms of the deal weren't disclosed.
2ndKitchen
Chicago's 2ndKitchen, a startup that helps kitchenless venues like breweries and hotels offer food to their customers, was acquired in December by Reef, a SoftBank-backed ghost kitchen firm. 2ndKitchen, founded in 2018, connects businesses without kitchens to nearby restaurants, allowing them to create custom menus even though they don't serve food. It raised over $4 million in funding. Terms of the deal weren't disclosed.
LuminAid
LuminAID, a Chicago startup that makes solar-powered lanterns and landed a deal from Mark Cuban on Shark Tank, has been acquired by Adventure Ready Brands, a New Hampshire-based maker of outdoor gear and products. Founded in 2010 by Anna Stork and Andrea Sreshta, the startup won the University of Chicago's Social New Venture Challenge in 2012.
