Fresh off a major capital infusion, EvolveIP just acquired Xtium - Technical.ly Philly

Business

Oct. 27, 2016 12:57 pm

Fresh off a major capital infusion, EvolveIP just acquired Xtium

No financial details were disclosed from the acquisition of Xtium, but the move is in line with the company's growth strategy.
At Evolve IP’s HQ.

At Evolve IP's HQ.

(Courtesy photo)

Updated to include additional information from Evolve IP regarding Xtium's workforce.  (8/18/16, 4:34 p.m.)

Evolve IP, a Wayne-based cloud services company, announced on Thursday it had acquired King of Prussia, Pa.-based Xtium, Inc., another cloud services company. The company did not immediately disclose any financial details from the transaction.

The deal is aligned with its previously-announced growth strategy: In June, Evolve IP sold a majority stake for an undisclosed amount to Boston venture capitalist firm Great Hill Partners.

“Our team couldn’t be more pleased to join Evolve IP and we’re excited to have new opportunities due to the company’s tremendous growth,” said Xtium CEO Tim Vogel in a statement.

According to EvolveIP’s president and founding partner, Guy Fardone, the move also follows the company’s desire to expand their offering to healthcare organizations.“We are ecstatic to join forces in helping healthcare organizations nationwide securely move to the cloud.” Fardone said in a statement.

We’re waiting to hear back on what this means for Xtium’s employees.  

Update: A spokesperson for Evolve IP said Xtium’s full workforce of 15 employees will be brought on board. No further details from the acquisition have been disclosed.

The Wayne company reportedly offers its host of IT services to 1,300 business, for a total pool of 110,000 users.

Companies: EvolveIP, Xtium
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Emarketing company Monetate will be acquired by a Dallas-based cloud biz

Exton cell and gene therapy company Fibrocell will be acquired for $63.3M

Exton-based insurance software firm iPipeline purchased for $1.6B

SPONSORED

Philly

How Relay is helping enterprise clients get proactive about customer engagement

Philadelphia, PA

Vistar Media

QA Engineer

Apply Now

Philadelphia, PA

PromptWorks

Senior Software Engineer

Apply Now

Philadelphia

Inspire

Manager, People Operations

Apply Now

Hero Digital is acquiring Austin-based marketing company Bulldog Solutions

JP Morgan Chase scoops up InstaMed, but the healthcare-tech company isn’t leaving Philly

The Meet Group adds a same-sex dating app to its portfolio

SPONSORED

Philly

These hiring companies want to meet you at NET/WORK Suburbs

Philadelphia

Linode

Junior Systems Software Engineer

Apply Now

Philadelphia

Linode

Data Center Operations Engineer

Apply Now

Philadelphia

Linode

Systems Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!