Sydney-based tech start-up Neon Stingray is set for global growth after being bought out by Paris-headquartered Valtech.
The Australian connected objects and video technology start-up has been purchased for an undisclosed amount. The acquisition will see Neon Stingray’s Sydney office become the APAC hub for Valtech, a digital marketing and tech company.
Neon Stingray’s Stockholm office will also merge with Valtech's Scandinavian presence.
Chris Flintoft, co-founder and CEO of Neon Stingray, will continue as head of the APAC business.
Flintoft and CTO Patrik Molander founded Neon Stingray in 2010. The company specialises in creating enterprise level products that incorporate back-end infrastructure and front-of-house consumer experiences.
The Neon Stingray team is now 50-strong and has worked with clients including Foxtel, Google, Hoyts, Telstra and Sweden’s TV4.
The acquisition will enable Neon Stingray to leverage the worldwide scale, innovation and client base of Valtech to grow both in Australia and across Asia Pacific with the support of Valtech's offices in India and Singapore.
The firm is expected to increase its headcount significantly over the next 12 months as it scales up the business.
Flintoft said: “We are delighted to become part of the Valtech family, and to have access to the resources, support and ideas of over 1600 professionals across the world. It’s been a hugely exciting four years for Neon Stingray, and this acquisition will give us the fuel we need to break into the next level.”
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