Company announcement no. 27/ 2024
Schindellegi, Switzerland – 28 May 2024
Trifork acquires Spantree Technology Group in Chicago to expand offering in the US market
Trifork US Inc. (“Trifork”) and Spantree Technology Group LLC (“Spantree”) today announce an agreement under which Trifork acquires the American technology consulting company. As partners, Trifork and Spantree will combine their strengths to provide existing customers with a wider array of capabilities and to scale their market presence by targeting new customers.
Strategic rationale
Over the past decade, Spantree has developed essential capabilities that help customers scale mission-critical platforms, particularly in the fintech and healthcare sectors. Based in Chicago, Spantree’s location is strategically important for Trifork, which has had a strong presence in the city for the past 10 years through GOTO.
“In Spantree, we have found a solid company and a culture match that will serve as a foundation for scaling in the United States. Spantree’s deep technical capabilities allow us to help companies scale effectively and give us strategic depth to expand quickly into high-growth areas such as Vision AI,” says CEO of Trifork North America, Karan Yadav.
“Joining forces with Trifork builds on nearly a decade of fruitful collaboration,” says Cedric Hurst, Founder and CEO of Spantree. “We are excited to deepen our partnership, sharing and expanding our expertise in areas like platform engineering, user experience development, systems engineering, artificial intelligence, and spatial computing. This union also opens up new business development opportunities, allowing us both to offer innovative solutions to a broader client base in North America. Together, we can help our customers envision extraordinary futures and deliver solutions that turn them into reality.”
Transaction overview
Trifork will acquire 70% of Spantree. The transaction is currently being finalized and is expected to be completed on 3rd of June 2024.
Spantree will continue as a separate business unit within the Trifork Group, and the founder and CEO of Spantree remains in place and fully committed to the future development of the company.
The purchase price is not disclosed. The acquisition of Spantree will be consolidated in the Trifork Group as inorganic growth from June 2024, and will not affect the updated 2024 guidance (please see Company Announcement no. 26 from today, 28 May 2024).
In 2024, Trifork currently expects an in-organic revenue contribution from all announced acquisitions of approximately EURm 3.
Explore AITechPark for the latest advancements in AI, IOT, Cybersecurity, AITech News, and insightful updates from industry experts!
