When I thought about the string of recent acquisitions of local tech companies, it got me singing Mel Brooks’ The Inquisition .
But in all seriousness, it’s incredible how San Diego tech companies continue to attract suitors across the country. Within the last month, we have had several acquisitions, including GreatCall, acquired for $800 million by Best Buy; LeaseLabs, acquired by RealPage, Inc. for $103 million (plus an additional $13 million earnout); and Approved, acquired by Credit Karma (details were not disclosed). GreatCall will keep its Del Mar and Carlsbad presence.
When building great startups, there’s always an exit plan, and this is part of the ecosystem flywheel by creating more jobs and more local investable capital. In fact, our local ecosystem has been built, in large part, by serial entrepreneurs who sell their companies and then continue to start others. A great example of that is our series on MP3.com . I am excited to see more San Diego startups form and get acquired in the near future.
Check out this video by our friends at the San Diego Venture Group on how our thriving tech economy is moving full steam ahead!