Centare Sold to Leading Onshore Development Organization
December 01, 2022 - 2 min read
After nearly nine years of successful ownership, we are pleased to announce that Centare was acquired by Rural Sourcing lnc., a leader in onshore digital engineering.
In 2013, Hadley and the management team of Centare acquired Centare Group from a husband and wife founder team that sought to sell the business in order to fund their retirement and leave their organization and its team in good hands.
Working with our management partners, Centare became a go-to provider of software development and cloud migration services to industry-leading companies in financial services, healthcare, and industrial markets. A strong workplace culture and exciting project opportunities also led to Centare being regularly recognized as one of the “Best Places to Work” for in-demand software developers.
After nine years of successful ownership, we agreed to sell Centare to Rural Sourcing, lnc., a large strategic acquirer backed by Bain Capital.
Centare was established in 1999 to provide custom software development by use of agile techniques and agile transformation for teams and firms.
Centare is headquartered in Brookfield with an additional office in Madison, WI. The company works closely with the region's premier organizations and provides high-value strategy, digital product management, application modernization, DevOps transformations, software development, and has experience working with all the leading cloud computing platforms.
Centare employs more than 100 Centarians and, for five consecutive years, the company has been classified among the top workplaces in Milwaukee.
Rural Sourcing Acquires Centare
Rural Sourcing was attracted to Centare's premium customer base and talented group of developers. The company regarded the acquisition as an opportunity to add two Middle America Locations to Rural Sourcing's onshore delivery center network.
The acquisition will provide Centare’s customers with access to an inclusive set of capabilities and resources, and its workers will have access to expanded professional opportunities.
Rural Sourcing CEO stated that despite the challenges due to the COVID-19 pandemic, the company had seen immense growth in the demand for digital engineering. Through the onshore framework that brings technology jobs to Middle America, Rural Sourcing is developing a new tech hub, expanding opportunities for skilled workers and delivering world-class development work for their customers. The acquisition of Centare facilitates the expansion of Rural Sourcing to the Midwest and has a strong cohesion in terms of culture, colleagues, and society.
Centare's CEO, Tim Eiring, confirms that Rural Sourcing is a great fit for the company and its colleagues.
"Our organization has a rich history of building relationships and delivering results. By joining Rural Sourcing, we are bringing new resources to our customers and colleagues while expanding our ability to scale. Culturally, the two firms are well-aligned, meaning it will be a smooth transition for our colleagues and customers. I'm excited to be part of the combined corporation and Rural Sourcing's high growth trajectory."
In 2019, Bain Capital Double Impact, the impact investing arm of Bain Capital, purchased a majority stake in Rural Sourcing, allowing the organization to expand its national footprint and digital services while creating high-quality jobs and new technology corridors across the state.
Hadley’s Partnership with Centare
Hadley partners with small companies like Centare that are in need of ownership transition, management succession, and growth support.
Hadley partnered with Centare’s management team to acquire the business from the company’s founder.
With Centare's unique combination of engineering, product management, and talented employees, Hadley and our management partners built an organization with a cohesive culture, colleagues, and community. "In Hadley, we found a true partner that enabled Centare's transition from a founder-led organization to a new leadership team. With Hadley's guidance and support, we maintained our great culture while strategically growing Centare's business," said Tim Eiring, CEO of Centare.
Centare is just one success story. Hadley also helps small company owners in need of management succession and/or support to pursue growth strategies.
If you are an owner of a small company in need of ownership transition, management succession and/or growth support or a senior manager considering a buyout of a company that you run, don't hesitate to contact us to learn more about how we might be able to help you.
Paul joined Scott and Clay to raise Hadley Capital Fund I. He grew up in a family business environment and has spent his entire career working with small and emerging companies.
He currently works with Equustock, GT Golf Supplies, Open Sky Media, Pneu-Con, and Storflex. Previously he was the chairman of the board of directors for i-deal Optics and Centare, both former Hadley companies.
Paul is an outdoor enthusiast who enjoys fishing, hunting, riding motorbikes, Crossfit and an occasional craft beer. He works closely with a number of non-profit organizations including One Acre Fund and Trout & Salmon Foundation.
Paul is a graduate of the University of Colorado at Boulder and received an MBA from the Kellogg School of Management at Northwestern University. He and his wife, Rosemary, have three children.