Rockville, Maryland’s Stellar IT Solutions is acquiring StanSource, an IT services and solutions provider from Dulles, Virginia, that offers CRM, ERP, data warehousing and enterprise integration services. Financial terms of the agreement were not disclosed.
This is M&A deal number 230 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
StanSource will continue operating under its own name as a wholly owned subsidiary of Stellar, the company said.
In addition to its Rockville headquarters, Stellar has offices in Virginia and Ohio along with international offices in Bangalore and Chennai. Following this acquisition, Stellar now employs over 150 workers and consultants.
Dipak Thakker, CEO and president of Stellar, commented:
"Stellar serves as a main source of talent for our clients, and the acquisition of StanSource allows us to expand our talent footprint in the Washington, DC, area. This, in turn, allows us to respond quickly to the talent needs of diverse clients."
Stellar’s Technology Incubator
Stellar also recently launched its own in-house technology incubator, Stellar iDea labs. The division focuses on technology gaps in the private and public sectors and uses artificial intelligence and machine learning to create solutions. The incubator program is currently exploring technology solutions in hospitality, the opioid crisis, contact centers, financial regulation, e-commerce, among other areas, according to Stellar.
Stellar’s COO Joshua Sircus said about the program:
"At Stellar, we are constantly looking at technology gaps and market opportunities. The incubator enables us to seek solutions," says Joshua Sircus, COO. "Stellar iDea Labs is unique in that it allows all employees and consultants to bring their ideas in-house using company resources."
