Kin + Carta sells Hive; buys Cascade Data Labs

The acquisition of Portland, Oregon-based Cascade Data Labs will bolster Kin + Carta’s data services and its regional expansion into the US Pacific Northwest.

Cascade offers services including data integration, data governance, data engineering, data science and data visualisation.

Founders Josh Levin and Greg Holiat will take on leadership roles within Kin + Carta, working alongside Cameron Turner, recently appointed as vice-president of data science.

The initial consideration for the acquisition is $6.9m payable in cash at completion (subject to adjustments). A further $2.2m is payable in June 2021, contingent on performance.

J Schwan, chief executive officer, Kin + Carta (pictured), said: "The acquisition of Cascade Data Labs will supercharge our existing data transformation capabilities, while expanding our US presence further westward. An enhanced data offering will appeal to both existing and new clients."

The announcement of the acquisition follows Kin + Carta’s disposal of Hive to Fishawack Medical Communications Limited and Fishawack Midco US Holdings, both part of Fishawack Health, for £13.8m.

The sale forms part of Kin + Carta’s plan to become a technology platform focused solely on the ‘digital transformation’ market.

Commenting on the sale of Hive, Schwan said: "We are pleased to have found a buyer for Hive, which is a strong business but not aligned to our focus on the digital transformation market. The proceeds strengthen our financial position and will allow us to make additional digital transformation acquisitions."