A Detroit-based software development company known for its work in the tech startup sector has been sold in a cross-state deal.
Ambr Detroit LLC earlier this month sold to Fusionary Media Inc. in Grand Rapids, Ambr Detroit co-founder and Managing Partner Anthony Montalbano told Crain's in an interview last week.
Ambr Detroit has done web development work for companies including Jet's Pizza, Emagine Entertainment and several tech startup businesses within the portfolio of companies held by billionaire Dan Gilbert such as StockX.
The deal, terms of which were not disclosed, frees up Montalbano to work on a new project about which he declined to share details while knowing that the company is in good hands.
Fusionary, a web and interactive design studio that has been in business since 1995, will keep the Ambr brand name in place for about a year, Montalbano said.
Discussions around the transaction started in the fall after 2020 brought some peaks and valleys for Ambr Detroit, according to Montalbano.
"It allows us to have a smoother transition rather than run two companies simultaneously," Montalbano said of his future venture.
The combined company will have upward of 20 employees, many of whom work remotely, according to Montalbano, who said that Ambr Detroit got rid of its office last year after the COVID-19 pandemic struck and now maintains a single desk at the Bamboo co-working space in downtown Detroit.
For Fusionary, the acquisition gives the company a foothold in the Detroit market, according to President and CEO Sam Kasgorgis.
"We are excited to support the collective Ambr and Fusionary teams to further accelerate growth and provide our clients with exceptional service," Kasgorgis said in a statement. "We decided to affiliate with a firm that provides similar offerings to provide a wider array of solutions and greater use of advanced technologies. Finding and retaining excellent talent is a constant challenge, and this merger will also mean our staff will benefit from the experience and knowledge of their peers to better serve our clients with enhanced response times."
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January 19, 2021 at 06:00PM
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Software firm Ambr Detroit sold to Grand Rapids company - Crain's Detroit Business
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