Kenwood-based tech company Cardinal Solutions has been acquired by Tempe, Ariz.-based Insight Enterprises for $79 million, the Cincinnati Business Courier reports.
Cardinal Solutions is one of the area's largest IT consulting companies, with 480 employees spread over eight U.S. offices. It's considered a "national provider of digital solutions across mobile, web, analytics and cloud," and according to Courier research, the company earned $20.54 million worth of local sales in 2017.
Cardinal Solutions' leadership said that Insight was the right buyer for the company.
“Insight offers a very unique situation: the resources and capital of a multi-billion dollar public company with an organization that has the look, feel and culture of an emerging business,” said Cardinal co-founder and president, Kelly Conway.
Conway and Michael York, the company's co-founder and executive vice president of consulting services, will reportedly stay on to help facilitate the transition, and "may continue with the company."
Effective Aug. 1, the acquisition is set to "be neutral to earnings from [Insight Enterprise] operations for the balance of 2018, including projected intangible amortization," according to NASDAQ.com.
Enterprise President and CEO Karl Lamneck said Cardinal Solutions will specifically enhance its digital innovation arm.
"Our strategy to grow organically while consistently driving operational efficiency across the business allows us to invest for the long term, including strategic acquisitions like Cardinal that will bring scale and reach to our already strong digital innovations solution area,” he added.
The move is Insight's twelfth acquisition to date, the most recent being Minnesota-based DataLink for $454 million in 2016.
This is a developing story. Check back here for more details as they come.
