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Sparq Acquires Kingsmen Software, Expanding Gen AI Capabilities in Financial Sector

This acquisition follows a significant investment in Sparq by funds managed by Harvest Partners Ascend Management, LP in 2023, which aimed to further scale the company's operations and digital service offerings.

Sparq, a leading U.S. provider of outsourced digital engineering, has announced the acquisition of Kingsmen Software. The Charlotte, N.C.-based Kingsmen specializes in generative AI strategy, consulting, and full stack development for the financial sector.

Kingsmen, founded in 2013, has established itself as a prominent player in enterprise banking, payments, and capital markets, with recent expansion into mid-market and late-stage FinTech. The company’s expertise spans custom software delivery, product design, and technology advisory services.

The acquisition is expected to enhance Sparq’s offerings in emerging technologies, particularly in the rapidly evolving field of generative AI. Monty Hamilton, CEO at Sparq, emphasized the strategic importance of the move: “Understanding and developing expertise in emerging technologies is vital to create successful strategies for our clients. Kingsmen brings a high level of expertise in GenAI to Sparq, giving our clients more options and insights so they can be on the forefront of the rapidly evolving technology landscape.”

Hamilton also highlighted the geographical advantage of the acquisition, noting that Kingsmen’s headquarters in Charlotte aligns with Sparq’s core foundation and provides a firm base in one of the U.S.’s largest banking hubs.

For Kingsmen, the acquisition represents an opportunity to scale its operations and expand its reach. Bill Clerici, CEO & Managing Partner at Kingsmen Software, stated, “Since we started Kingsmen, we have grown into a trusted technology partner for some of the U.S.’s largest financial institutions. Sparq represents a wonderful opportunity for our clients, allowing us to utilize their size and history of technical excellence to bring scale and additional scope.”

This acquisition follows a significant investment in Sparq by funds managed by Harvest Partners Ascend Management, LP in 2023, which aimed to further scale the company’s operations and digital service offerings. Bain Capital Double Impact has also been an investment partner with Sparq since 2019.

Founded in 2004 and headquartered in Atlanta, Sparq has built a reputation for empowering agile and experienced software engineering teams across the country. The company is known for its product-oriented approach and collaborative mindset, as well as its award-winning workplace culture.

Industry analysts are watching closely to see how this acquisition will impact the competitive landscape of financial technology providers. With the rapid advancement of AI technologies, the combined strengths of Sparq and Kingsmen could set new standards for innovation in the sector.

Picture of Mansi Singh
Mansi Singh
Mansi is an Associate Content Strategist. She holds interest that centers around use of Gen AI in enhancing daily lives and she is dedicated to exploring the latest trends and tools in AI. She can be reached at mansi.singh@aimresearch.co
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