India-based Mindtree’s acquisition of Magnet360 three years ago apparently is working.
Magnet360, also a Salesforce.com affiliate, has grown from 160 to 450 employees globally, since the approximately $50 million acquisition was announced in January 2016.
Magnet, now part of a division of IT-consultant Mindtree has opened an expanded, 30,000-square foot headquarters in St. Louis Park.
“Magnet, locally, is about 125 people and we have room for up to 325,” said Magnet360 CEO Matt Meents, who continued as the boss under Mindtree.
“We’ve had about 20 percent annual growth over the last three years,” Meents said. "Companies are investing in digital transformation.
“Being a Salesforce partner, we have a lot of offerings that help our clients reduce sales-and-marketing cost and help increase sales and ultimately profitably. Our customers buy Salesforce [software] and then we help them implement the strategies.
The clients, mostly Fortune 200-size firms, include Ecolab, U.S. Bancorp and Best Buy.
Meents said the new headquarters includes a 1,300 foot innovation “garage."
"We feel a lot of great brands came out of a garage," Meents said.
Magnet360 had revenue of $25 million-plus prior to its 2016 acquisition and said it was growing by 20 percent-plus annually in recent years.
Magnet360 was formed in 2008 by co-founders Scott Litman and Dan Mallin, veteran technology-marketing entrepreneurs. The majority partner was Skip Gage, the longtime marketing executive and founder of Gage Marketing. Gage was chairman of Magnet’s board.
They and subsequent investors Salesforce and StarTec Investments, and several individuals, infused nearly $5 million by 2013 to roll out what became a fast-growing firm with more than $25 million in revenue.