Indianapolis-based Studio Science acquires RevTech360
In a deal involving two Indianapolis-based companies, design and innovation consulting firm Studio Science has acquired technology consulting firm RevTech360.
The deal took the form of an all-equity transaction, said Studio Science CEO Steve Pruden, who declined to disclose other financial details. The acquisition closed Feb. 16, but Studio Science did not publicly announce it until Wednesday.
The move nearly doubles Studio Science’s head count, to 80. The firm had 43 employees pre-acquisition and has added 37 RevTech employees.
Studio Science is a design consultancy that provides services including brand design, market research and go-to-market strategies. The firm was founded by tech entrepreneur Kristian Andersen in 1998. Andersen sold the firm to a group of investors led by Pruden in 2019.
The firm’s clients span a variety of industries, including technology, manufacturing, financial services and real estate, among others.
RevTech360, which was founded in 2003 as Relevant Technologies, offers consulting services and solutions for users of Salesforce and MuleSoft platforms.
Pruden said the acquisition adds to Studio Science’s capabilities and enables the firm to better serve its customers.
Studio Science got its start working with small venture-backed tech companies, Pruden said, but over the past two years, the firm has made a concerted push to attract much larger clients.
About half of the firm’s revenue over the past 12 months has come from clients who are Fortune 500 companies. A few years ago, that percentage would have been around 5%. The marketing-tech company Salesforce is its biggest single client.
“We’ve been very specific about targeting those larger customers,” Pruden said.
And those large customers want a wider range of services, Pruden said. “Those clients have an expectation that you can do … strategic-level design work, but [that] you can also write code and put product out to market.”
The RevTech360 acquisition adds those type of capabilities to Studio Science’s offerings, Pruden said.
Former CEO Valerie Osinski was among “a very small number of people” who left RevTech360 before the acquisition took place, Pruden said. Other than that group, RevTech360’s entire staff has now joined Studio Science, he said.
Within the next few months, Pruden said, the RevTech360 name will be retired and the entire operation will do business under the Studio Science name.
Last month, Studio Science landed a growth capital investment of an undisclosed amount from Park City, Utah-based Inoca Capital Partners.
Pruden said Studio Science intends to use the investment to fuel the firm’s growth, hiring “dozens of employees” over the next year or so.