Pohlads Sell Tech Co. Avtex To Chicago Investment Firm
Bloomington-based Avtex Solutions was recently sold to a Chicago-based investment firm for an undisclosed sum.
Avtex Solutions, which was founded in 1971, is a technology and consulting company that offers services ranging from user experience design to customer relationship management (CRM) solutions.
In 2008, it was acquired by Marquette Companies, which is part of the Pohlad Companies—a diverse portfolio of more than 25 businesses, spanning everything from the Minnesota Twins to car dealerships to commercial real estate developer United Properties. In 2010, Avtex merged with another Pohlad company, Inetium.
Earlier this week, Marquette sold Avtex to LaSalle Capital, a private equity firm that currently manages two funds that total more than $330 million. LaSalle Capital said it has “deep experience in partnering with management teams to grow and develop small businesses.”
Today, Avtex has more than 500 U.S. customers and employs about 160 people in 17 states, all of whom are expected to retain their positions following the LaSalle Capital deal.
Avtex will remain based in the Twin Cities, and current CEO and President George Demou will continue to lead Avtex under its new ownership.
“This new partnership accelerates our investment strategy and allows us to further expand our service offerings through both internal investment and future acquisitions,” Demou said in a statement.
Nick Christopher, a partner at LaSalle Capital, said that Demou and his team have “built a reputation for delivering exceptional customer experiences and customized, technology-enabled solutions.”
“They are a quality organization and are nationally recognized as a leading provider of Microsoft and Interactive Intelligence solutions,” Christopher continued. “We are impressed by the Avtex business model, their strategic plan and the experienced team of seasoned professionals within the organization.”