Partnership to expand geographic footprint and digital service offerings
Sparq a U.S.-based provider of outsourced digital engineering for technology driven and Fortune 1000 companies, has announced that funds managed by Harvest Partners Ascend, LP have acquired a majority stake in the company. The partnership will allow Sparq to further scale its operations and digital service offerings and create high-quality technology career opportunities in places where they otherwise might not exist. Bain Capital Double Impact, Sparq's current investment partner since 2019, will remain an investor in the Company. Financial terms of the private transaction were not disclosed.
Founded in 2004 and based in Atlanta, Georgia, Sparq empowers agile and experienced software engineering teams across the country with a disciplined, product-oriented approach and the collaborative infrastructure to meet and exceed customer needs. The Company offers a growing suite of software engineering capabilities including product strategy and design, digital engineering, application modernization, artificial intelligence solutions and data and analytics services. Sparq will continue to operate under the current management team, who remain significant investors in the business.
"We've been impressed by the Harvest Partners Ascend team's industry knowledge, expertise and record of success, and believe we've found the right partner to help us scale the business to the next level," said Monty Hamilton, CEO of Sparq. "This partnership will help to drive our expansion into new geographies and add new high-value digital and product engineering capabilities as we continue to build Sparq into a leading provider of outsourced digital engineering for technology-driven and Fortune 1000 companies. We are grateful to Bain Capital Double Impact for their support and partnership to date."
Digital transformation, through fully outsourced product engineering, is a long-term investment theme for the Harvest Partners Ascend team, and the firm views Sparq as a highly attractive platform to accelerate growth through a buy and build strategy. "We look forward to supporting Sparq as it executes its strategic roadmap of investing in next-generation digital capabilities and technology talent," said Justin Lipton, Partner and Co-Head of Harvest Partners Ascend. "Sparq's unique culture and client-first approach will continue to be the foundation of the Company in the future. We are excited to partner with Monty and the Sparq management team on its next phase of growth."
"Since inception, Sparq has been deeply committed to enabling economic opportunity by creating high-quality technology careers in communities outside of traditional technology corridors," said Iain Ware, a Partner at Bain Capital Double Impact. "It's been a privilege to partner with Monty and the management team to significantly scale Sparq's mission over the past four years, and we are pleased to continue to support the Company's growth trajectory alongside our new partners at Harvest Partners Ascend."
Houlihan Lokey, Inc. served as financial advisor and Morris, Manning, & Martin LLP provided legal representation to Sparq. William Blair served as financial advisor and Ropes & Gray LLP represented Harvest Partners Ascend.
SOURCE: Sparq
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