DETROIT—QStride Inc., a Detroit-based IT consulting and staffing provider, announced the company has reached an agreement to be acquired by Drisla Inc., a Hyderabad, India-based provider of block chain, analytics, machine learning, and artificial intelligence consulting services.
The acquisition is an effort to position the tech startup for further expansion in the United States with next-generation technology offerings and access to over 300 highly experienced IT professionals through Drisla’s portfolio companies.
Founded in April 2012 out of a Panera Bread in Troy, QStride more than doubled company revenues in 2013 to $1.5 million. The company sustained year over-year growth at a rate of 25 percent through a self-funded model.
“This acquisition represents an important building block as QStride aims to further service our customers’ ever-changing business and technology needs,” said Shane Gianino, founder and CEO of QStride. “It will also allow us to better serve our customers in the tristate area of New York, New Jersey, Connecticut, and Pennsylvania, where we already have a client base.”
Drisla will acquire QStride assets, people, and customer contracts, and intends to fund the transaction with cash and debt financing.
“We are excited to have reached this agreement with QStride,” said Pavan Kuchana, Drisla founder and CEO. “Shane and his team have done a great job over the years positioning QStride for long-term success. Their niche in business intelligence, analytics, data warehousing, and software engineering align very well with our expertise in innovative technology offerings such as AI, ML, and blockchain.”
Gianino will remain on the QStride board as operating CEO and equity shareholder, with Kuchana as board chairman and president. The company will continue to operate under the QStride brand and remain headquartered in Detroit with operations in Princeton, N.J.