A Pottsville-based technology firm has been acquired by a Loves Park, Ill., firm which hopes to offer more complete technology solutions to its clients through the move.
Mahesh Rajasekharan, CEO of Cleo, said his firm acquired Extol International after working with the Pottsville firm for about 15 months.
Rajasekharan said the integration, data transformation and workflow orchestration solutions offered by Extol fit in well with his company’s Cleo Integration Suite, which provides data transformation and software integration solutions.
“It’s been a successful partnership; what they have complements what we do,” said Rajasekharan. Terms of the deal were not disclosed.
By acquiring the firm, the two firms seal that partnership and will offer the continuity and meet clients’ needs using a single platform, he said.
Rajasekharan said the acquisition of Extol was part of Cleo’s overall growth plan. He said his firm has tripled in size the past three years and he expects it will double again this year through organic growth and acquisitions such as the agreement with Extol.
“This extends our technology offerings and provides more to our customers,” he said.
Extol will remain in Pottsville and do business under the Cleo name.
In addition to its technology and corporate culture, the Extol office location was part of the appeal of the acquisition, Rajasekharan said. He said the office is in a region with a solid quality of life and has access to higher education facilities, such as Lehigh University in Bethlehem, from which it can attract and retain new talent.
The company has offices in the Midwest, California’s Silicon Valley and worldwide.
He said he found that with technological advancements, people in the industry want to and can work in areas such as Pottsville or Loves Park rather than going to hot spots such as Silicon Valley or Manhattan.
“They want to be where their families are, in communities with a nice standard of living, while still being tied in to those hubs through technology,” he said. “Pottsville just has a tremendous talent pool.”
Rajasekharan said he expects the size of the staff will increase as his company continues on its current growth trajectory.
Cleo employs more than 200 people worldwide.