Internet services company Stormworks is striking out on its own after having been purchased by its employees for an undisclosed amount of cash from local venture capital firm Launchworks Inc.
Led by CEO Brian Craig and vice-president Shelley Kuipers, the employee group has agreed to take 100 per cent control of the nearly two-year-old business, and say they have secured a solid financial base.
“Launchworks was going through some fundamental changes in their business. And we were also looking to get out from underneath the Launch-works control umbrella,” said Craig.
Founded in January 2000, Stormworks had its first profitable month this past August, at the same time valuation in the industry is low, added Craig.
“It was quite opportune, and that’s how the whole deal came together.”
Launchworks, incorporated in February 1999 to address the shortage of risk capital available to rapidly growing enterprises, helps provide young software technology firms with a network of experienced advisers, management, and services.
Launchworks CEO Byron Osing could not be reached for comment before press time. Stormworks’ clients have included firms such as WestJet Airlines, Star Choice, Brewster, Sproule and Associates, and Nexen Marketing.
Craig added technology companies today remain in a challenging business environment, but said Stormworks, which provides clients with e-business and marketing solutions, is dedicated to inventing new ways to prosper while helping clients achieve their business objectives online.
Stormworks employs about 25 people in Calgary.
