- people on the move
Web services firm sells to investor
A software and web services company that serves schools has been acquired by an individual investor.
Hannah Lawrence, who was a CFO at multiple companies prior to becoming a consultant with Beene Garter, recently acquired Grand Rapids-based Foxbright from co-owners Catherine Ettinger and Paula Whisman, according to Calder Capital.
Terms of the deal were not disclosed.
Ettinger and Whisman decided to sell the business in 2019, as Ettinger was looking to exit the company.
“Once the company came to market in late 2019, there was lots of immediate interest,” said Ghazey Aleck, mergers and acquisitions adviser for Calder Capital.
“Foxbright has all the characteristics most buyers look for, including recurring revenue contracts, low overhead, scalable growth opportunities, excellent relationships with clients (and) optimal work-life balance, among others. … We were able to secure multiple offers (and) Hannah Lawrence is a great fit for the future of the company.”
Lawrence said she is looking forward to continuing the “superb service” Foxbright provides to clients, as well as adding services and growing the business.
Calder Capital represented Foxbright as the exclusive M&A advisory firm for the transaction.
Founded in 2002, Foxbright is a software and web services company that combines a process-driven approach with a proprietary, education-focused content management solution to help schools improve and manage their websites.
The company has seven employees and one location at 161 Ottawa Ave. NW, Suite 114M, in downtown Grand Rapids.