Under $10 million, but multiple millions.
When Scott Paul founded ArmorActive three years ago, he didn’t have time to think about what the future held for his company, or even the possibility of an acquisition at some point down the road.
“Not at all,” said Paul. “I didn’t have time to think about anything, or even set goals. Just sell. Lots of calls came our way from SEO.”
Last week, Mobile Technologies Inc. announced it had acquired Salt Lake City-based ArmorActive for an undisclosed amount. “Under $10 million, but multiple millions,” Paul told Beehive Startups.
We asked Paul how this acquisition will help ArmorActive grow in both the short- and long-term.
“Short-term: we will be able to make decisions that are long-term focused, now that we have capital,” said Paul. “Long-term: we can align our strategies with that of a large company and create a fast, nimble, innovative company that has global reach and top talent and best products.”
ArmorActive started as a mobile app development firm, but Paul quickly pivoted once the hardware the company created started to catch on.
“I wanted to make apps, but my app needed a case to work in a public setting. So, I made hardware to protect the iPad and that became what everyone wanted,” said Paul.
According to Paul, the deal with Mobile Technologies Inc. will keep ArmorActive in Salt Lake City “for several years.”
“We have done lots of our manufacturing here in Salt Lake City, and it has been a great community for supporting startups and finding interns and talent,” said Paul. “The University of Utah was probably biggest factor and the Foundry.”
ArmorActive currently has 30 employees. As for Paul’s future with the company?
“I am on as advisor for a year, and have vested interest in the combined entity,” said Paul.