Acquisitions / Web development

Columbia-based Unleashed Technologies acquired by Linc Partners

It's the first outside investment for the 13-year-old web dev and design firm, now looking to grow but remain in Maryland.

Unleashed Technologies cofounders Scott Greenwell and Michael Spinosa with CEO Muhammad Hutasuhut. (Courtesy photo)

Columbia-based web design and development firm Unleashed Technologies was acquired by Charlotte, N.C.-based investment firm Linc Partners.

The acquisition was completed in November 2019, and was announced this month. Linc Partners made an investment which was characterized as being “multimillion dollar,” but exact terms were not disclosed. The Provident Bank was also a key financier of the transaction, among a group of 10 institutional investors.

Unleashed Technologies was founded in 2007 by Scott Greenwell and Michael Spinosa. It had never taken outside investment, and has posted a profit every year, according to Spinosa.

This agreement represents “the culmination of years of hard work by everyone at Unleashed Technologies,” Spinosa said, and will help the firm as it works toward a bold goal of becoming “the most influential digital firm in the U.S.”

“This was the right step in helping us achieve that ultimate vision,” he said.

The firm builds, maintains and hosts websites and web applications for a range of business and association clients, with many in the Baltimore-D.C. area. Spinosa said its differentiator — and a key to the acquisition — is the model through which it delivers services: Clients can access Unleashed Technologies team members in “doses” of time as the organization has a need for specific talent.

Under Linc, the Unleashed Technologies brand will remain, and the firm will continue to be based in Columbia. While it has received acquisition offers in the past, Spinosa said Linc proved compelling at a time when it is looking to grow. The company expects to add 10 to 20 people this year, and currently has a number of open positions.

“We’re expecting to grow by more than 20% in 2020,” he said.

The leadership team is also gaining a member. Spinosa and Greenwell will remain in leadership roles as president and COO, respectively, but Linc Partners principal Muhammad Hutasuhut is joining as CEO.

“I am committed to working with Mike and Scott to take a business and group of customers that are already great today and accelerate their growth for the long term,” Hutasuhut said in a statement.


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