Kin + Carta buys Spire Digital

The company said the purchase was in line with its strategy to grow both organically and through strategic acquisitions that complement its client offering and expand its geographic reach.

Located in Denver, Colorado, Spire’s digital innovation services are complementary to Kin + Carta’s and will expand its geographic reach to the western United States.

It employs more than 100 people across technical design, development, software, engineering and product strategy. Its president, Adam Hasemeyer, and Nick Coppolo, chief operating officer, will remain as Spire senior management. Mike Gellman, Spire’s founder, will remain an advisor to Spire Digital. The business will be integrated into the Kin + Carta Innovation platform in stages starting in the first year following completion of the acquisition.

Kin + Carta’s chief executive officer J Schwan (pictured), said: "Spire has a strong reputation of delivering highly innovative solutions and building a winning culture that’s hard to find. We’re looking forward to bringing the Spire Digital team into the Kin + Carta Connective."

Hasemeyer added: "We’ve grown Spire significantly in recent years. To realise our fullest potential, we needed a partner with deeper resources and a broad geographic reach. We decided on Kin + Carta as the perfect choice. We identify closely with the spirit of entrepreneurialism and agility that we found there and are excited to reach new heights as a part of this impressive organisation."

The deal is comprised of an initial cash consideration of approximately $14.8m on a cash-free and debt-free basis, plus additional earn-outs. The total consideration is capped at £27 million.