NEW YORK (PRWEB)
September 12, 2019
PALACE is pleased to announce that it has acted as exclusive financial advisor for Skookum, an innovative digital strategy, design and development firm, as part of its sale to Global logic, one of the leading digital product engineering companies. This transaction illustrates PALAZZO’s position as a leading M&A advisor to business owners in the growing digital transformation services landscape.
Based in Charlotte, NC with a presence in Denver, Colorado, Skookum has been solving customer challenges through the use of innovative digital technologies since its inception in 2005. The company’s leadership has successfully developed a culture of open employees designed to inspire creativity and innovative thinking. As a result, the talented strategists, designers and engineers at Skookum are known to deploy intelligent, design-driven solutions that enable business growth – whether it’s mapping inclusive end-to-end customer journeys, develop personalized software applications or bring engaging user experiences to life. .
GlobalLogic is a leader in digital product engineering, helping clients design and create innovative digital products, platforms and experiences for the modern world. Based in Silicon Valley, GlobalLogic operates design studios and engineering centers around the world, extending its in-depth expertise to clients across a wide range of industry sectors.
Skookum’s core offerings directly complement GlobalLogic’s existing service portfolio of complex software engineering and strategic design capabilities used to drive cross-industry digital transformation. In addition, the acquisition strengthens GlobalLogic’s position in sought-after technology hubs in the eastern and western regions of the United States, improving proximity to customers and increasing access to local talent.
Nitesh Banga, COO of GlobalLogic, said, “The rate of adoption of transformative digital solutions is only accelerating. Building on this momentum, we have a strong focus on the continued expansion of our design and transformative engineering services footprint in key regions. The acquisition of Skookum fits perfectly with our strategy and our ambitions. We are very excited about Skookum’s culture, value proposition and ability to work closely with clients to deliver breakthrough solutions.
“By combining our creative strategy, design and engineering methods with the deep relationships, broad reach and engineering ethics of GlobalLogic, Skookum obtains an incredible opportunity to reach a whole new set of customers,” added Joe Ryan, President of Skookum. “We are proud of the open experimental environment we have created, which enables our teams to develop powerful digital solutions for some of the country’s biggest brands. And, now, we will be able to bring even more value to the market by integrating our capabilities with those of GlobalLogic.
Matt Hasson, Managing Director of PALAZZO, said of the transaction: “With a pool of world-class talent and extensive capabilities in digital strategy, design and technology, Skookum has built an excellent reputation as a partner of choice for many client companies looking to grow. and accelerate growth through digital transformation. This transaction is of significant strategic importance for Skookum and GlobalLogic. We are truly honored that the Skookum team has placed their faith and trust in PALAZZO, and also delighted to have helped achieve a positive outcome for shareholders and employees.
Commenting on his collaboration with PALAZZO, Skookum co-founder James Hartsell said: “The PALAZZO team have been working at breakneck speed to get us to market in record time. Their understanding of digital transformation services and knowledge of market dynamics allowed them to instantly connect to Skookum’s unique value proposition and quickly map the entire universe of potential buyers. The sales process they managed was extremely competitive which led to a great result for Skookum shareholders and a perfect strategic fit for GlobalLogic. We are grateful for PALAZZO’s expertise and guidance throughout the process, as well as their unwavering determination to provide a successful exit for the founders and find a perfect home for our business. I can’t imagine any other advisor working harder or caring more than PALAZZO about the success of their clients.
Terms of the transaction were not disclosed. Under the agreement, Skookum will continue to operate with its existing management and staff as a wholly owned subsidiary of GlobalLogic.
PALAZZO is a New York-based investment bank that provides M&A advisory, capital raising and strategic advisory services to entrepreneurs / founders, private equity firms and strategic acquirers in the marketing services industries, consulting services, media and technology. Founded in 2009, PALAZZO has played a pivotal role in the transactions that define the industry, becoming the leading investment bank in the sectors it covers. http://www.palazzonyc.com
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