Latest Acquisition Pushes Tech Firm’s Headcount Over 100
St. Louis Park-based Magnet 360 recently announced the latest step in its ongoing growth: the acquisition of American Data Company (ADC).
Magnet 360, a marketing and technology consultancy, said the purchase of Los Angeles-based ADC bolsters its West Coast presence. Financial terms of the deal were not disclosed.
Magnet 360, which was founded in 2001, has been growing at breakneck speed. In 2012, it acquired Reside, a Web services provider and cloud-computing consultancy. That move established Magnet 360's partnership with Salesforce.com, the provider of a cloud-based customer relationship management platform. Magnet 360 has since been named to Inc. magazine's list of fastest-growing, privately held U.S. companies, which noted that the company's revenue grew by more than 1,200 percent between 2009 and 2012.
Magnet 360 counts Minnesota-based Fortune 500 companies like 3M, Medtronic, and General Mills among its clients. ADC, a cloud-computing and technology services firm, has provided digital marketing solutions for eBay, Live Nation, and others. ADC is a “strategic partner” of Salesforce.com and ExactTarget, an email program that Salesforce.com recently acquired, and it built the first-ever interface between those two platforms, according to Magnet 360.
A Magnet 360 spokesperson told Twin Cities Business that the company gained roughly 15 full-time employees with the ADC acquisition, boosting Magnet 360's headcount to about 110 employees.
The combined company will operate under the Magnet 360 brand, and ADC founder Josh Holtzman will serve as managing director of the company’s western region, overseeing operations in Los Angeles and San Francisco. (View a video of Holtzman discussing the acquisition here.)
“ADC is well-aligned to Magnet 360’s capabilities, culture, and vision, and we are excited to see our West Coast leadership and client services expanded as a result of our combination,” Dan Mallin, a Magnet 360 managing partner, said in a statement.
Mallin and fellow Magnet 360 cofounder Scott Litman were recently named finalists for Ernst & Young's Entrepreneur of the Year awards. Mallin and Litman also cofounded the Minnesota Cup, an annual entrepreneurial contest that is awarding $300,000 in prize money this year.