Colorado Tech Roundup: TeamSnap Buys Rival, Corgenix Sells for $16M
Here is a quick roundup of some news from Colorado startups and tech companies, featuring TeamSnap and Corgenix, which is making a test for the Ebola virus.
TeamSnap Snaps Up Competitor: TeamSnap, a Boulder, CO-based startup, continues to grow. This week, the company announced it bought Easy Team Manager from Kranitz Enterprises for an undisclosed amount.
TeamSnap makes cloud-based software that members of sports teams and clubs use to keep in touch about schedules and to receive updates. The company says it has 7 million users. TeamSnap can be used on the Web, but it sees its greatest opportunity coming from its mobile apps. According to company stats, its mobile app had 50 million interactions during the month of July.
TeamSnap raised a $7.5 million Series B round in January that was led by the Foundry Group, and it has raised a total of nearly $11.9 million since it was founded in 2009.
This is the third acquisition TeamSnap has made, with its biggest being the purchase of WePlay, which brought with it 2.25 million users. TeamSnap bought WePlay in May 2013 for an undisclosed price.
Corgenix (OTC: CONX) is based in Broomfield, CO, and makes diagnostic medical test kits. In June, it received a three-year, $2.9 million grant from the National Institutes of Health to continue work on a test that would help medical workers in field hospitals detect the Ebola virus.
Orgentec, which is based in Mainz, Germany, said the acquisition will help it extend its reach into the U.S. as it tries to become a global company. The deal is expected to close in the fourth quarter. If completed, the combined company will make more than 350 tests that can diagnose organ function and conditions such as autoimmune, vascular, and infectious diseases.
The groundwork for the sale began in March, when Corgenix’s board of directors announced it would “explore strategic opportunities,” including a sale. Orgentec offered Corgenix shareholders 27 cents in cash for each share of common stock, a 29 percent premium for its average share price of 21 cents during the 90-day period prior to Corgenix’s March announcement.