QStride Inc. has reached a definitive agreement to be acquired by Drisla Inc.
The acquisition is an effort to position the tech startup for further expansion in the U.S. with next-generation technology offerings and access to over 300 experienced IT professionals through Drisla's portfolio companies.
Founded in April 2012 in Troy, QStride more than doubled company revenues in 2013 to $1.5 million. The company sustained year over-year growth at a rate of 25% via a self-funded and bootstrapped model.
"This acquisition represents an important building block as QStride aims to further service our customer's ever-changing business and technology needs," QStride Founder and CEO Shane Gianino said in a statement. "It will also allow us to better serve our customers in the tristate area of New York, New Jersey, Connecticut and Pennsylvania, where we already have a client base."
Based in India, Drisla is a provider of block chain, analytics, machine learning and artificial intelligence consulting services. The company will acquire QStride assets, people and customer contracts. It intends to fund the transaction with cash and debt financing.
"We are excited to have reached this agreement with QStride," Drisla Founder and CEO Pavan Kuchana said in a statement. "Shane and his team have done a great job over the years positioning QStride for long-term success. Their niche in Business Intelligence, Analytics, Data Warehousing, and Software Engineering align very well with our expertise in innovative technology offerings such as AI, ML, and block chain."
Gianino will remain on the board as operating CEO and equity shareholder, with Kuchana serving as chairman of the board and president. The company will continue to operate under the QStride brand and remain headquartered in Detroit with co-headquarters in Princeton, New Jersey.