A growing Denver information technology firm has been acquired by an Italian company in a deal that could create more opportunity to reach customers needing IT help.
TechEdge, a Milan-based IT business, bought Denver’s NIMBL in January. The companies just publicly announced the deal. Financial terms were not disclosed.
Becoming part of TechEdge, a larger organization with deeper pockets, should mean good things for NIMBL, Yosh Eisbart, NIMBL’s co-founder and CEO said.
“We were financially stable, but we were a bootstrapping company,” Eisbart said. “Now we have so much more possibility. It’s very exciting.”
NIMBL employs slightly more than 100 people, about 70 percent of them in Denver. The company focuses on helping customers that use SAP, a data and software platform for large businesses. NIMBL is a tenant at Steam on the Platte, a 100-year-old facility at 1401 Zuni St. that was in 2017 readapted into office space.
TechEdge is a 1,700-employee IT shop with significant business in Europe, Asia and Latin America. TechEdge works with customers using Oracle, SAP and other enterprise software.
It already does business in North America but wanted to raise its profile among SAP users here.
“[Buying NIMBL] provides them with a well-known brand, and that was one of the premier reasons for the acquisition,” Eisbart said.
He and Michael Pytel founded NIMBL in 2008.
Now it becomes part of a larger company whose customers include global brands in industries such as energy, automotive, retail and fashion — areas which NIMBL didn’t have contacts or expertise in, Eisbart said.
TechEdge also has more than $200 million in annual revenue, giving it resources the boot-strapping NIMBL didn’t have.
“For us in Denver, it provides so much more opportunity for scalability and investment,” Eisbart said. “It means more growth for us.”
NIMBL has been part of the Blackstone Entrepreneurs Network, an organization meant to help fast-growing Colorado companies become bigger, established businesses. Its growth won it recognition as one of the “Denvers Gazelles” by Mayor Michael Hancock’s office.
TechEdge and NIMBL had run into each other at SAP industry conferences and gatherings, and TechEdge asked to talk about partnerships last summer.
The conversations quickly evolved into deal talks.
The two companies’ cultures have a lot in common, and when NIMBL and TechEdge’s leadership met, it felt really natural to work together, Eisbart said.
He joked that “TechEdge is a larger NIMBL that’s better dressed and with an Italian accent,” he said.
NIMBL wasn’t looking to sell the company, but the deal made a lot of sense, Eisbart said.
The NIMBL brand will remain for the foreseeable future, Eisbart said. and he and Pytel are staying on to run the operation as an autonomous TechEdge business.