Catalyte Raises $27M and Acquires Surge to Accelerates U.S. Onshoring
Catalyte is now one of the largest American software engineering services companies with the acquisition of software development and consulting service company Surge and a $27M Series A funding round. Investors in the round include Revolution, a firm chaired by AOL founder Steve Case, and Cross Culture Ventures. Catalye has also raised about $11.5 million previously. These events position Catalyte at the forefront of an onshoring wave that is fundamentally changing the traditional IT services outsourcing model.
Led by CEO Jacob Hsu, Catalyte applies proprietary artificial intelligence and predictive analytics to identify talented individuals who are often overlooked for technology jobs due to outdated hiring practices that rely on resumes and college degrees. The company provides individuals coming from all backgrounds and having the potential and cognitive ability to be software developers with career opportunities while also producing software for Fortune 500 clients.
“Catalyte provides a real solution to tech’s diversity problem,” Troy Carter, co-founder of Cross Culture Ventures, said in a statement. “It has the chance to change America from within, to build a multicultural workforce not just for the sake of diversity, but to deliver better business outcomes. We fully support the company’s audacious vision.”
Press: Moguldom, Baltimore Business Journal, Technically Baltimore, Le Lezard, Stock Rants, Finsmes
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