NewBold buys Spencer Technologies to build North American retail tech giant
What's the deal? NewBold TechnologiesDealroom has a profile for this one. Try Dealroom →, a portfolio company of Fort Point CapitalDealroom has a profile for this one. Try Dealroom →, has acquired Spencer TechnologiesDealroom has a profile for this one. Try Dealroom →, a services provider to specialty and big-box retail, grocery, and QSR brands. The companies say the combination creates one of North America's top technology services providers. Terms were not disclosed.
What each side brings: NewBoldDealroom has a profile for this one. Try Dealroom →, founded in 1994, offers deployment, integration, repair, and maintenance for point-of-sale and data-capture equipment, plus a PCI-compliant key injection facility. Spencer, in business more than five decades, manages store technology lifecycles for multi-site retail and hospitality brands, supporting 1,500+ new store openings per year and 500+ field jobs per day at a 97% on-time delivery rate.
What changes for clients? The combined platform spans point-of-sale, RFID, audio/visual, networking, and payments technology, with deeper geographic coverage and a larger technician network. Clients get a single partner for procurement, deployment, support, payment device management, and lifecycle planning.
What's the endgame? NewBold wants to compete at the top of the technology managed services market. "Combined with NewBold's payment device expertise and nationwide technician network, we have the platform to compete at the very top of our industry," said chief executive officer Johan Claassen.
Who stays: David Strickler, Spencer's chief executive officer, will remain in a consulting capacity. "This combination will allow us to provide an even higher level of service to our customers, several of whom we have been working with for the last two decades," he said.
The signal: The deal fits Fort Point Capital's playbook of buy-and-build growth. Since 2011, the Boston firm has backed more than 50 acquisitions, and it is now investing from FPC Small Cap Fund III. Spencer marks another bolt-on aimed at scaling NewBold's core managed services practice.
Image credit: Spencer Technologies
