India’s Drisla Inc., a provider of block chain, analytics, machine learning, and artificial intelligence consulting services, has reached a definitive agreement to acquire QStride Inc. in Detroit, an information technology consulting and staffing provider. Financial terms of the deal were not disclosed.
The acquisition is an effort to position Drisla for further expansion in the U.S. with technology offerings and access to more than 300 IT professionals through its portfolio companies.
Founded in 2012 out of a Panera Bread in Troy, QStride more than doubled company revenues in 2013 to $1.5 million. It sustained year-over-year growth at a rate of 25 percent.
“This acquisition represents an important building block as QStride aims to further service our customers’ ever-changing business and technology needs,” says 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 will acquire QStride’s assets, people, and customer contacts. It intends to fund the transaction with cash and debt financing. The company has offices in New Jersey, Australia, and the United Kingdom.
“We are excited to have reached this agreement with QStride,” said Pavan Kuchana, founder and CEO of Drisla. “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.”
Gianino will remain on the board of directors and as CEO and equity shareholder. Kuchana will be chairman and president. It will continue to operate under the QStride brand and remain headquartered in Detroit with co-headquarters in New Jersey.
In addition to its current offerings, QStride will offer employee engagement and recognition technology to help Fortune Global 2,000 businesses engage, recognize, teach, and motivate employees.