San Diego-based digital design, development and marketing agency Brand Value Accelerator (BVAccel) has been acquired by New York-based family office August Spark.
Terms of the deal weren't disclosed.
BVAccel, which helps set up so-called digital storefronts for brands, launched in 2013. Among the hundreds of brands with which the company has worked are Red Bull, Rebecca Minkoff and Boll & Branch. The company was one of the first agencies to partner with ecommerce platform Shopify on its enterprise-level subscription offering.
In addition to its San Diego headquarters, BVAccel has offices in Columbus, Ohio; Los Angeles and New York; it employs about 80 people locally and more than 125 in total.
The funds from the majority stake investment will go to hire new workers in areas including sales and marketing and to fund employee development and training, the company said.
"Additionally, the investment will allow BVAccel to greatly accelerate its product roadmap and build new capabilities to support global customers, including Amazon, offline sales support and more," the company said.
As part of the acquisition, August Spark founders Michael Cassidy and Stephen Wall will join BVAccel’s board of directors.
Cassidy started August Spark after Undertone, an adtech company he founded and led, was sold to marketing software firm Perion in 2015 in a deal valued at $180 million, including the assumption of $50 million in long-term debt.
BVAccel recently ranked No. 6 on the San Diego Business Journal's Fastest-Growing Private Companies list.
The company reported revenue of $10.85 million in 2017 compared to $4.86 million in 2016 and $2.07 million in 2015.
Reach reporter Sarah de Crescenzo at firstname.lastname@example.org.