Twenty years after it began, Morrisville-based XSInc is joining forces with Charlotte-based Technekes LLC in what a top exec calls a 50-50 merger.
The new company will be based jointly in Morrisville and Charlotte, and will grow both locations, says Thad Armbruster, chief finance officer of XS. When the deal closes, Armbruster will become president.
“We’re already hiring,” he says.
For Armbruster, growing the data management firm has been quite a ride – and one that’s seen its fair shake of upheaval.
“We were a dot-com company that didn’t go boom and didn’t go bust,” he says.
Survival came down to scrappiness for the firm, which launched on a bullish vision and a $19.8 million round led by Morgan Stanley Dean Witter Venture Partners….
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