The Loop Co acquires ColorElephant’s core business 🎉
The Loop Co acquired ColorElephant’s web and mobile design and development business, strengthening its position as a key provider of web and mobile development services and expanding its ever growing international presence.
The Key Facts
- The Loop Co, a Portugal-based software development & research company, announced the acquisition of ColorElephant, a boutique digital product studio;
- ColorElephant had a team of over 20 people working fully remotely from all over the globe; The team is now fully absorbed into The Loop Co;
- ColorElephant portfolio included a mix of well established Fortune 500 brands as well as up and coming startups;
- All ColorElephant Clients can continue to be served by the same team, now working inside of The Loop Co;
- The process is scheduled to be completed over the next couple months;
- The deal is part of The Loop’s Co global ambition to provide a full suite of technology services and further increase it’s talent pool and know how;
Coimbra, February 8th, 2023,
The Loop Co, the Coimbra-based software company offering consulting, software design and development and research services, announced the acquisition of the core business and assets of ColorElephant, a boutique digital product studio offering team augmentation and bespoke custom software development services for companies and startups globally.
ColorElephant was founded in 2012 by entrepreneurs Ricardo Sousa and Joana Castro Santos and has since grown fully bootstrapped to be a trusted partner for digital development having worked with brands such as BMW, Microsoft or L’Oreal as well as a variety of up-and-coming startups. It has key market presence in both Switzerland and The United States and a fully distributed workforce of seasoned engineers, designers and project managers;
The deal will see all of ColorElephant’s team and clients transition and be fully absorbed into The Loop Co, who’ll continue to provide the same level of service clients came to expect from ColorElephant.
“We’d only consider merging with a partner that closely aligned with our values and felt like a good home for our clients and team — from their commitment to keeping the entire team to their focus on ensuring the transition is seamless for clients – it looks like we found it”, says Ricardo Sousa, co-founder and Managing Director of ColorElephant.
With this deal The Loop Co expands its international footprint, adding clients in key markets such as the US and Switzerland while strengthening its leading position as a trusted provider of software development for startups and corporations. The deal sees the total headcount of The Loop Co grow to over 120 people and will solidify its ambitions to grow the business to 160 people in 2023.
“Since the foundation of The Loop, we seek to have an impact internationally. Not only having a global footprint in terms of clients, but also in terms of a team distributed all around the world. This agreement is a major milestone for us.” said João Bernardo Parreira, co-founder and CEO of The Loop Co.
With the shrinking job market and technology hiring slowdown, both companies saw value in the strategic transition which will strengthen their ability to not only navigate but grow through the next few years while creating a hybrid team model.
The deal is expected to be fully complete over the coming months. The current management team of ColorElephant is expected to assist the transition process and then exit to start a new venture in the analytics space.
“I think the best years for both ColorElephant and The Loop Co are yet to come”, Ricardo Sousa concluded.