Glendale-based startup TechCanary Corp. has acquired Atlanta-based Terminus Consulting Corp. The transaction closed in October for an undisclosed price.
[caption id="attachment_329108" align="alignright" width="380"] Reid Holzworth[/caption]
Terminus is a custom software development firm that tackles both small entrepreneurial projects and complex systems for major corporations. The company has expertise in Salesforce implementations for the insurance industry. It was founded in 2011 by Ricky Lopez.
TechCanary, a developer of insurance agency automation software based on the Salesforce platform, was founded in 2013. It reported between $1.8 and $1.9 million in revenue in 2016, nearly quadrupling its earnings of around $500,000 in 2015. As of January, the company had 22 employees. The company declined to disclose its current employee count or that of Terminus prior to the acquisition.
As a result of the acquisition, TechCanary has moved all of the Terminus employees to Milwaukee and closed the Atlanta Terminus office, said Reid Holzworth, founder and chief executive officer of TechCanary.
"As a company, we are committed to Milwaukee, and we have found that when we bring people here, they discover how great of a city we have," Holzworth said.
TechCanary has formed a new subsidiary based in Milwaukee called CanaryServices, which is focused on professional services and launched Nov. 1. The company pointed to Terminus IT employees’ experience with professional services and insurance on the Salesforce platform as attributes in launching the new division.
CanaryServices will offer implementation and configuration services for the TechCanary solution; data migration services to transfer data from legacy insurance software to TechCanary; and salesforce CRM customization and configuration to implement Salesforce at a business, whether or not the company is using TechCanary.
TechCanary has hired Bo Brown and Ricky Lopez to lead the CanaryServices subsidiary.
Brown, who will serve as chief operating officer of professional services, was previously chief information officer at Lake Success, New York-based Rampart Insurance Services. He has more than 20 years of experience in the insurance industry, and has also worked as a solutions engineer and implementation consultant at insurance software firm ImageRight/Vertafore, a deployment engineer at Nexidia and a principal engineering consultant at Premier Network Consultants.
Lopez, who will be vice president of professional services, founded Terminus and was its principal consultant. He also previously worked as a solutions engineer at ImageRight/Vertafore, and as an IBM enterprise asset management solution architect at Cohesive Solutions Inc., where he led large technical projects for companies including ESPN and GE Capital.
“As a rapidly growing software company in the insurance industry, we felt it was critical to ensure that we had a separate organization in place to focus on the professional services side of the business to enable us to continue to support our growth trajectory, but without compromising our marketing and sales, research and development, and customer support standards,” Holzworth said in a statement. “CanaryServices’ sole responsibility is to service and support our customers to ensure they are deriving maximum value from their investment in TechCanary.”