The Charlotte fintech firm DealCloud has been acquired by a Silicon Valley software company called Intapp.
DealCloud is expected to grow its presence in Charlotte as a result of the deal.
DealCloud will continue to operate separately as an Intapp company, according to Rob Cummings, co-founder of DealCloud. Additionally, the DealCloud leadership team will continue in their current role, Cummings said.
DealCloud is an online platform specializing in streamlining mergers and acquisitions for investment banking and private equity firms. In a statement Tuesday, Intapp said acquiring DealCloud will help it strengthen its offerings in the financial services industry.
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Terms of the deal were not disclosed.
DealCloud employs about 50 people in Charlotte and another 50 at its offices in Jersey City, N.J. Intapp, founded in 2000 and based in Palo Alto, Calif., employs a total of 400 and has about 1,100 customers globally.
DealCloud was started in 2010 when Cummings and Ben Harrison spun the company out of Falfurrias Capital Partners, the Charlotte private equity firm founded by former Bank of America CEO Hugh McColl Jr. and the bank’s former chief financial officer Marc Oken. McColl was among the first DealCloud investors and advisers.
After completing a round of growth financing totaling $5.3 million in 2016, DealCloud moved into a new space at 129 W. Trade St.
The company had previously operated for years in co-working spaces in Charlotte. Last summer, DealCloud completed a round of financing totaling $4.5 million that the company said would help it grow further.
“Working together with Intapp — and being able to leverage its market position and much larger balance sheet — gives us the critical mass we need to see our vision become reality across the entire industry,” said Rick Kushel, CEO of DealCloud.