DETROIT, Dec. 17, 2019 /PRNewswire/ -- QStride, Inc., an Information Technology (IT) consulting and staffing provider, today announced the company 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 highly experienced IT professionals through Drisla's portfolio companies.
Founded in April 2012 out of a Panera Bread in Troy, Michigan, 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 boot strapped model. On May 4, 2016, City of Detroit Mayor Mike Duggan proclaimed QStride as an "emerging growth technology company" and in 2017, QStride was honored as a "Top 100 Rising Startup" by Techweek, Inc., a tech conference named one of the "Top 30 Conferences for Entrepreneurs" by Inc.com.
"This acquisition represents an important building block as QStride aims to further service our customer's ever-changing business and technology needs," said Shane Gianino Founder and CEO of QStride. "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."
Drisla, Inc., a provider of block chain, analytics, machine learning (ML), and artificial intelligence (AI) consulting services, will acquire QStride assets, people, customer contracts, and intends to fund the transaction with cash and debt financing.
"We are excited to have reached this agreement with QStride," said Pavan Kuchana, Drisla, Inc. Founder and Chief Executive Officer. "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."
QStride Founder Shane Gianino will remain on the Board of Directors as operating Chief Executive Officer and equity shareholder, with Pavan Kuchana 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.
In addition to innovative IT consulting and contingent staffing capabilities, QStride will offer next-gen employee engagement and recognition technology to help Fortune Global 2,000 businesses engage, inspire, recognize, teach, and motivate employees.
About QStride QStride is an Information Technology (IT) consulting and contingent staffing provider serving mid-market and Fortune Global 2,000 businesses. We understand what it takes to help businesses solve challenges to sustain a competitive advantage and is why QStride is recognized as a leader in what it does.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to expectations regarding the anticipated closing of the acquisition of QStride and the impact of the acquisition of QStride on the business and prospects of Drisla and QStride.