News: Press Release
Offit Kurman’s M&A Group Represents Unleashed Technologies, LLC in Sale to Linc Partners
For Immediate Release
Columbia, MD | February 14, 2020
Offit Kurman’s Mergers and Acquisitions (M&A) Practice Group is pleased to announce a multi-million dollar sale successfully closed for a longstanding client of the firm. Online development firm Unleashed Technologies, LLC has been acquired by investment company Linc Partners, located in Charlotte, North Carolina. Attorneys Jonathan Wachs and Jordan Savitz represented Unleashed Technologies during the transaction, which closed in November.
Unleashed Technologies, founded in 2007 by Michael Spinosa and Scott Greenwell, focuses on creating the very best in digital experiences for its customers. Leveraging complex website building, open-source software, and data integration capabilities, Unleashed Technologies has built a large and diverse client base that includes banks, national trade associations, and Fortune 500 businesses. Acclaimed for its website maintenance and enhancement services, Unleashed Technologies has been recognized as the #1 design and development firm in the Washington-Baltimore area for six years in a row by Clutch.co. The company posted a profit during every year since its creation.
Linc Partners, headed by entrepreneur Muhammad Hutasuhut, was founded with the purpose of making a controlling investment in a stable company with high growth potential. Linc and Unleashed Technologies connected through a search fund, a unique investment vehicle in which an entrepreneur raises money from investors in order to purchase a business.
As a result of the acquisition, Mr. Hutasuhut has joined co-founders Spinosa and Greenwell in a management capacity as Unleashed Technologies’ new CEO. Spinosa and Greenwell have remained on board as President and COO, respectively. The company will continue to serve its clients in the same capacity, now driven by a goal of growing the firm by double-digit percentage growth in 2020.
“We seek to be the most influential digital firm in the United States. And this event marks an exciting and positive inflection point in that journey. As our namesake suggests, we want to unleash the potential of our clients—and the only way to do that is to build out our capabilities so our clients can grow faster. This means bringing a new partnership with a new wealth of contacts, experiences, and access to capital,” said Mr. Spinosa in a statement.
Added Mr. Greenwell, “For me, this new investment allows us to stay true to our company’s core values excellence, transparency, and innovation. I’m proud to be part of this new chapter and look forward to supporting the company’s growth ambitions in the web technology sphere.”
This acquisition is the latest in a long line of successful business sales facilitated by Offit Kurman’s M&A group. Mr. Wachs partially attributes the seamless completion of the deal to his history of representing and advising Unleashed Technologies throughout the company’s growth.
“It was sincerely gratifying to see Mike and Scott achieve their long-term business planning objectives. I have worked closely with Unleashed Technologies for more than 12 years as its outside general counsel and I am honored to remain in this role after the transaction closed,” said Mr. Wachs. “Our prior work with the company on customer contracts, intellectual property protection, and employment agreements made the transaction significantly easier. I am so glad to see Unleashed Technologies’ company-wide commitment to providing industry-leading customer service and work product will remain in place for years to come.”
To read the full press release about the transaction, click here.
Offit Kurman’s M&A Practice Group has published numerous articles and resources on the ways business owners, whether through buying or selling, can take advantage of the current M&A market. To learn more, and to get in touch with an Offit Kurman M&A attorney, click here.
ABOUT JONATHAN WACHS
Jonathan Wachs provides strategic counseling and operational advice to clients in the areas of intellectual property, commercial transactions, corporate governance and the legal cannabis industry. As a member of the firm's Intellectual Property Group, Jon works closely with clients to develop, register, analyze, enforce, and transfer intellectual property assets in a customized, cost-efficient, and highly effective manner.
ABOUT JORDAN SAVITZ
As a member of Offit Kurman’s Business Law and Transactions practice group, Jordan Savitz advises clients in all stages of the business life cycle. He assists clients with matters including, but not limited to, choice of entity, complex operating and stockholder agreements, compliance with Rule 506 of Regulation D, real estate leasing, employment agreements, website terms and conditions, trademark filings, complex contract drafting and negotiation, succession planning, as well as stock and asset purchase agreements.
ABOUT OFFIT KURMAN
Offit Kurman, one of the fastest-growing, full-service law firms in the United States, serves dynamic businesses, individuals and families. With 17 offices and nearly 250 lawyers who counsel clients across more than 30 areas of practice, Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration. For more information, visit www.offitkurman.com.
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