Stamford firm taken over by Silicon giant
A Stamford tech firm has been acquired by a billion-dollar Silicon Valley heavyweight in one of the biggest technology deals in the UK this year.
Scott Weavers-Wright, the entrepreneurial mind behind Kiddicare that saw the childrenswear brand sold to Morrisons for £70 million, has seen his e-commerce platform Elevaate, based at The Hub on Wharf Road, brought by Quotient.
The business, that was started in 2014, has proved to be so successful that it caught the attention of the American tech giant.
And Scott said the buy-out by the California-based leading digital promotions, media and analytics firm in the heart of Silicon Valley was good news for Stamford with further jobs and investment for local businesses in the pipeline.
“It’s very special for the town because a Silicon Valley giant has brought a tech firm in Stamford,” said the 47-year-old father of two who lives in Ufford.
“It’s one of the biggest technology deals in the UK this year and it’s in Stamford.
“I’m very proud and exited for the team to be part of a billion dollar business based in California.
“It’s not everyday that a Silicon Valley giant acquires a technology platform in Stamford so everyone should be very proud.
“This is my second major exit in the UK after selling Kiddicare. for £70 million.
“The team here is going to be trebled and we’re talking about highly-skilled and highly-paid engineers from the area and staying in the area.
“This deal will retain the quality in Stamford as lots of people are going to London.”
He estimated this deal will bring between 10 and 20 jobs to Stamford in the long-term.
Elevaate allows brands or their agencies to bid for product platform on their network.
Scott will now leave the business and focus on other investments in his Haatch portfolio that used to include Elevaate.
His main priority is to now secure a 1,000 seat hot-desk space in Stamford and continue to invest in digital businesses in Stamford.