XAware, a home-grown high tech company that received millions of dollars in venture capital funding as a Colorado Springs Technology Incubator success story, will be acquired by Salt Lake City-based Sparxent.
A letter of intent to buy the fast-growing commercial open source data integration company was made official today by Sparxent co-founder Dave Taylor. Terms of the transaction were not disclosed.
XAware CEO Tim Harvey said he sees joining Sparxent as an opportunity to expand data integrations solutions into its growing mid-market customer base.
“We believe our focus on reducing the time and expense customers expend integrating new applications and data sources into their environment to quickly realize the benefits of new IT services is highly complementary with Sparxent’s vision,” he said in a statement.
Bill Miller, the company’s executive chairman and chief technology officer, said XAware had been engaged in active discussions with a possible purchaser since early in the year.
“The discussion with Sparxent started in earnest about 90 days ago,” he said, adding that the transaction is expected to be complete June 1. Miller said he would most likely serve as a part-time advisor to the combined business group.
XAware was founded in 1999 by Kirstan Vandersluis, a University of Colorado, Colorado Springs computer science graduate.