Monday, August 25, 2008

Startup Acquires One IT Firm, Agrees to Another

Information technology consulting startup Sparxent Inc. announced Monday that it has acquired one IT outsourcing firm and has agreed to buy another. Sparxent, which was recently founded by software and semiconductor industry veterans Steve DeWindt and Dave Taylor, said it immediately gained a customer base of 6,000-plus accounts through the purchase of NetworkD Corp. of Newport Beach, Calif. And the Salt Lake City, Utah-based startup added that it will have an international client base if its deal to acquire Moscow's Arbyte Group goes through. The terms of both transactions were not disclosed. Established in 1996, NetworkD boasts customers throughout the United States and Europe. Its overseas subsidiaries include NetworkD Europe Ltd., NetworkD Europe GmbH and NetworkD Europe SAS. Sparxent said NetworkD will preserve its identity and core business strategy. Founded in 1994, Arbyte offers IT consulting to customers throughout the Russian Federation and the Ukraine. Sparxent, which plans to cater its services to mid-market customers, is primarily backed by vSpring Capital.