CleanSpark Inc (NASDAQ:CLSK) announced Thursday that it has completed the acquisition of all of the issued and outstanding shares of design and innovation consulting firm p2klabs Inc.
The Las Vegas-based firm specializes in applying design, technology, and business process methodologies to create intuitive digital experiences and journeys that help transform and grow businesses.
CleanSpark CEO Zach Bradford said the acquisition will enable it to continue to accelerate the development and deployment of the company’s software platforms and significantly expand its sales and marketing capabilities.
READ: CleanSpark wins $1.6M order for intelligent power-transferring technology
“This strategic move will bring significantly increased software revenues, and the integration of the talented p2k team will allow us to reduce our operating expenses,” Bradford said in a statement.
“We have been working with p2klabs for the past several months and have been impressed with their capabilities. It was quickly apparent that an acquisition of p2k’s technologies and team was the right move.”
Bradford said CleanSpark is projecting that the acquisition will add up to $2 million in additional revenue in the coming year as the company strengthens its top-tier sales and marketing team.
The company said that Amer Tadayon will join the executive team as chief revenue officer to oversee CleanSpark’s enhanced business development strategy. Tadayon has more than 25 years of experience working with world-class companies including IBM, Cognizant and Frog Design.
“We are excited to join the CleanSpark family of personnel and technologies and to help further innovate on their product offerings, as well as to make available an even more diverse set of services to their existing client base,” said Tadayon.
CleanSpark, based in Salt Lake City, Utah, makes software that allows an energy microgrid to be scaled to the user's specific needs and implemented across commercial, industrial, military and agricultural sectors.
The company’s stock recently traded 3.2% higher to $5.15 a share in New York.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham