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.
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.)
