Higher education IT consulting firm Strata Information Group (SIG), backed by private equity firm Fort Point Capital, has acquired Salesforce and Cogna partner akaCRM. Financial terms of the deal were not disclosed.
This is technology M&A deal number 911 that ChannelE2E has covered so far in 2022.
M&A: Salesforce Applications for Colleges and Universities
SIG, founded in 1987, is based in San Diego, California. The company has 141 employees listed on LinkedIn. The IT consulting firm assists colleges and universities in such areas as:
- Ellucian Banner Student software applications;
- database administration;
- business process analysis;
- account management;
- project management;
- onsite IT management; and
- Ellucian Colleague Finance/HR.
akaCRM, founded in 2007, is based in Colorado Springs, Colorado. The company has 25 employees listed on LinkedIn. akaCRM offers advisory, implementation and managed support services for Salesforce and Conga applications.
SIG Buys akaCRM: Executive Perspectives
In a prepared statement about the deal, SIG CEO Henry Eimstad said:
"akaCRM's team has extensive knowledge of the Salesforce ecosystem and has been an essential partner to its diverse base of higher education customers. We believe Salesforce is a critical technology partner to the higher education ecosystem as those institutions navigate enrollment, student experience and fundraising challenges. We look forward to offering additional CRM expertise and support to our customers."
Added Brent Mellow, founder and CEO of akaCRM:
"I believe the union of SIG and akaCRM will create a wealth of exciting opportunities for akaCRM's employees and customers and look forward to joining the SIG senior management team."
Noted Michael Brofft, VP at Fort Point Capital:
"Bringing together SIG and akaCRM creates a powerful combination."
Concluded Christina Pai, partner at Fort Point Capital:
"Both companies' shared commitment to the higher education space as well as providing best in class service to their customers made this transaction a natural fit. We are excited to work with Brent and his team to expand our service offerings and customer base."
CriticalPoint Partners, an M&A consultancy and investment banking firm, advised Strata Information Group on the acquisition.
