TechForward Inc., a San Francisco-based cloud services provider, announced Monday that it has agreed to acquire Streamline Analytics, a Boston startup specializing in real-time data processing software, for approximately $280 million in cash and stock.
The acquisition is expected to close by the end of the third quarter, pending regulatory approvals. TechForward CEO Rachel Kim stated that the deal would allow the company to "significantly expand its data intelligence capabilities and better serve enterprise clients across industries."
Streamline Analytics, founded in 2019, currently serves over 400 corporate clients including several Fortune 500 companies. The startup's flagship product, StreamCore, reduces data processing latency by up to 60 percent compared to existing solutions on the market.
Under the terms of the agreement, Streamline Analytics will operate as a wholly owned subsidiary and retain its brand name. Co-founder and CEO Daniel Park will join TechForward as Vice President of Data Innovation. The company's 120 employees will all be offered positions within TechForward.
Analysts at Meridian Research called the acquisition "a strategic move that positions TechForward to compete more effectively with industry leaders." TechForward's shares rose 4.2 percent following the announcement.