Jim Wolford’s unexpected passing more than a year ago sent shockwaves throughout the Twin Cities tech sector. But it also precipitated big questions about the ownership structure at Atomic Data, the IT services firm he launched back in 2001.

Since Wolford had served as majority owner of the company, a group of minority owners was suddenly left with a majority stake upon his death. That included a family trust set up in his name. “They all loved the business, and they believed in the business, but they didn’t sign up to be operating the business,” explains Chris Heim, who took over as Atomic Data’s CEO last month.

That led to a months-long search for a new majority owner. Late last week, the company announced that it has found the answer in Florida-based private equity firm Dubin Clark & Co. The firm has formed a holding company that has invested in both Atomic Data and its sister company Foundation Technologies, and has consequently become the new majority owner of each. In a news release issued Sept. 12, the company described the move as being “recapitalized” by the private equity firm.

It’s Atomic Data’s first outside investment since it was founded.

Atomic Data’s leadership tapped local “boutique investment bank” Hennepin Partners to help find a new owner. “Hennepin Partners did exactly as they should and helped the management team interview numerous different firms,” says Heim. “Dubin Clark rose to the top.”

Heim emphasizes that the company’s minority owners – which includes co-founder Lawrence Patterson – still hold on to a piece of the company, but just a smaller piece than Dubin Clark does.

Heim and other company leaders had only positive things to say about the ownership change. Heim, for one, believes that the new influx of capital will pave the way for a bigger national expansion.

Today, the company’s only office is in downtown Minneapolis, though it has some employees working in several other states. In some respects, the company already has a nationwide footprint through its “Game Day Technologies” platform for sports venues. The company provides services for 23 sports and entertainment venues across the country, Heim notes. But he sees an opportunity to double down on those partnerships and expand its presence in other locales.

“This is where our growth strategy gets interesting,” he says. “We have high credibility running the stadium in Cincinnati [and other cities.] … We haven’t really expanded into those cities.”

Heim sees Game Day Technologies as the “tip of the spear to help us enter into new markets.”

Still, Heim and his team are targeting methodical growth. “Our strategy is not a typical financial engineering type of exercise,” he says. “I want to be very intentional, and I use the word ‘pursue’ versus ‘chase’” when it comes to new business opportunities.