Breaking: Stitch acquired by California-based Talend in $60M deal - Technical.ly Philly

Business

Nov. 7, 2018 5:35 pm

Breaking: Stitch acquired by California-based Talend in $60M deal

The 33-person Philly office is staying put and is expected to grow, said cofounder and CEO Jake Stein, who will become SVP of the Stitch business unit within Talend.

The Stitch team.

(Courtesy photo)

Center City-based Stitch, a spinoff of analytics firm RJMetrics founded in 2017, announced Wednesday it will be acquired by Redwood, Calif.-based Talend — makers of a cloud data integration solution — in a deal worth $60 million in cash.

As part of the transaction, expected to be completed later this year, CEO and cofounder Jake Stein will become SVP of a Stitch business unit within Talend and will report directly to its CEO, Mike Tuchen.

“Stitch is a great addition that gives us a compelling offering in the market for simple, self-service integration for cloud data warehouses,” Tuchen said in a press release. “In addition, we believe Stitch will work as an efficient high-volume way to acquire new cloud customers to whom we can market our advanced cloud solutions for data integration, transformation, cleaning, preparing and cataloging.”

“I’m excited about this deal on several dimensions,” Stein told Technical.ly on a call late Wednesday afternoon. “For investors, our team and also for Talend. They really get what makes us special and we felt that each side can learn from the other. We’ll be part of an independent business unit so that they can help us pour fuel for the fire.”

Stitch employs 33 at its Center City headquarters at 1500 Chestnut St. Stein said that 100 percent of staffers will receive job offers from Talend, and the plan is for them to accept.

“The Philadelphia office of Stitch, now the office of Talend, is gonna stay put and we’re going to be hiring a bunch more,” said Stein, who cofounded RJMetrics alongside Bob Moore in 2008.

Stitch’s service, which helps companies extract, transform and load their business data, will be aptly rebranded as Stitch Data Loader and will integrate with the overall ecosystem of Talend offerings, allowing current clients of the California company — including GE, HP Inc. and Domino’s — to access the tool in a fully integrated platform.

When RJMetrics was acquired in 2016 by ecommerce company Magento (which was later bought by Adobe), Stitch spun out with support from RJ’s largest investors, namely August Capital and Trinity Ventures. At the time of the first acquisition, RJ had taken on $24 million, per Crunchbase stats. The $60 million cash deal to acquire Stitch, Stein said, was well received by investors.

“They are excited about the outcome,” Stein said.

One key difference between the RJ and Stitch acquisitions? Stein said Stitch’s single product offering made evaluating acquisition offers easier, whereas RJ Metrics had both a cloud-based business intelligence product and the offering that is now Stitch.

“With Stitch, we were laser-focused on one thing and we had the option to evaluate incoming offers and find the ultimate partner,” he said.

Credit for the exit, Stein said, should also go to the team that stayed with Magento and later with Adobe (which shut down its Philly office in August).

“I hope they will see it as a win for them too,” Stein said. “There’s so many people I’m grateful for, and that extends to the entire community. We grew and struggled and ultimately found success right here in Philly. That’s a huge debt of gratitude.”

Organizations: Stitch, Inc.
People: Jake Stein
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

European expansion: Comcast on track to acquire British broadcaster Sky

Turn5 buys all-terrain merch company All Things Jeep

How the Philly tech community helped Local Stove get acquired

SPONSORED

Philly

Join our Technical.ly Match beta, an opt-in alternative to recruiting

Chesterbrook, PA

Deacom

Entry Level Software Developer

Apply Now
Chesterbrook, PA

Deacom

IT Specialist

Apply Now
Malvern, PA

Vanguard

Sr. Full Stack Developer-Client Experience Lab

Apply Now

Wayne’s Evolve IP buys Minnesota’s AiTech, adds 20 staffers

Philly-based journo helper DocumentCloud is merging with MuckRock

Philly startup HeavyWater gets acquired by Florida-based Black Knight

SPONSORED

Philly

Clients and community come first for Vanguard employees

Malvern, PA

Vanguard

Product Owner of Data Science Solutions

Apply Now
Malvern, PA

Vanguard

Java Developer-Entry

Apply Now
Malvern, PA

Vanguard

Technical Lead-Full Stack

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!