IRON Solutions, a leading online partner for farm and construction equipment manufacturers, dealers, and personal sellers, has been acquired by a new group of investors.
Spearheading the acquisition is StarVest Partners, the leading "Software-as-a-Service" (SaaS) venture capital firm. StarVest is joined in a limited partnership with Dublin Capital Partners and Spring Mountain Capital and strategic investor GVIC Communications Corp. Together, they have purchased 90 percent of IRON Solutions, Inc. for the sum of $15 million. Current investors in IRON Solutions will retain a 10 percent ownership stake in the new company, IRON Solutions.
"The acquisition is a very positive development for our customers and business partners in the agribusiness industry," says Darwin Melnyk, president and CEO of IRON Solutions. "This new chapter in our company’s history of leadership and innovation was designed to accelerate the development and delivery of our services to our valued customers in the equipment industry."
StarVest Partners and IRON Solutions plan to expand existing offerings aggressively into the "Data-as-a-Service" (DaaS) market. Innovative companies use DaaS strategies to make the integration of data into customer systems easier, and to make data more accessible via online services.