On the heels of raising $15 million from investors earlier this year, Milwaukee-area member experience software startup Forj has announced its second merger or acquisition of 2023.
Forj bought San Francisco-based community engagement software company Mobilize, according to a Wednesday announcement. The company declined to disclose the terms of the deal.
The acquisition is expected to speed up Forj's technology development and business growth, Forj CEO Kurt Heikkinen told Wisconsin Inno. Going forward, the company expects revenue growth of 50% year-over-year, he said.
"We believe we have the foundation of technology to scale organically at that 50% rate," Heikkinen said, noting that Forj is likely done with mergers and acquisitions for 2023. "But we're always going to be looking in the market for opportunities to merge or acquire to fulfill our broader vision over time."
Forj launched in 2021 as a virtual events platform and has evolved into making software for professional associations and communities. Following the acquisition, it has more than 200 clients, including the Independent Community Bankers Association and the Entrepreneurs' Organization.
Earlier this year, Forj merged with the Madison-based Web Courseworks, which developed a learning management system for professional organizations. Forj will combine that technology with Mobilize's community platform to create a single online member experience solution for its clients.
Forj is adding seven employees with the Mobilize acquisition, bringing its total employee count to more than 60, Heikkinen said. The company doesn't have a physical office but around 80% of its team is located in Wisconsin.
Heikkinen said he anticipates setting up a primary hub in Madison during the first half of 2024.
Before Forj, Heikkinen led the growth of Montage Talent Inc., a Delafield-based recruiting and hiring automation company that merged with a Cleveland firm in 2019 to form what is now Modern Hire. Forj is capitalized by many of the same investors but Heikkinen previously told Wisconsin Inno that he's taking a bolder approach to growth with Forj.
Mobilize was founded in 2014 by Sharon Savariego and is currently led by Dave Hersh. Previously, Hersh was the founding CEO and chairman of Jive Software, which went public in 2011 and in 2017 was sold to a Texas private equity firm for $462 million.
