Hoylu AB, a visual ideation and collaboration tools provider based in Sweden, has announced the acquisition of the Huddlewall business from its partner Scalable Display Technologies, Inc, a provider of software and services for multi-projector display systems.
Included in the transaction is a four-strong sales team in Boston, US, as well as customer base, intellectual property and trademarks, current book of business and prospects. The total purchase price is estimated at $800,000. The sellers will receive a convertible note of $300,000 plus an earn-out based upon actual sales in 2017.
The purpose of the acquisition is to include Huddlewall in Hoylu's portfolio of Immersive Room Solutions, Collaboration and Smart Office Solutions. In addition, part of Hoylu's go-to-market strategy is to have a sales team on the ground in Boston. Following the transaction, Andrew Jamison, Scalable's CEO of 10 years, will take on the role as VP sales US at Hoylu, also joined from Scalable by Zach Hurvitz, Samuel Pietsch and Nathaniel Pierce.
"Hoylu has brought together a global team and unique technologies that are required to deliver solutions that solve the specific collaborative workflow needs of our global customers," said Jamison.
"This acquisition is a natural consolidation of a business that is already a part of our value chain. By including this award-winning flagship product in our portfolio we can easier meet the growing demand, shorten lead times and work directly with our largest customers to deliver total solutions," said Hoylu CEO Stein Revelsby.