The Techtonic Academy congratulates its 2019 apprentices for successfully completing 2,000 hours of work. Photo via Techtonic Facebook page
Written by The Business Journal Staff
Bitwise Industries announced Thursday it has acquired a Denver-based software developer.
The terms of the deal with Techtonic Inc. were not disclosed. The company, founded in 2006, is well known for its accredited apprenticeship program that guarantees 100% placement success into software jobs.
According to a news release, Tectonic has trained hundreds of software engineers and created world-class business solutions for companies including Vantage, Pivotal, Apostrophe and Misty Robotics. The company’s mission has been supported by investors including University Ventures, Camden Partners, ZOMA Capital and Yucatan Rock Ventures.
The “acquisition demonstrates Bitwise Industries’ commitment to rapidly scaling and deepening relationships with partners, investors, government, and others interested in expanding high-quality apprenticeship opportunities for individuals and communities that have historically not had access.”
“As we look at our momentum over the past few months, this acquisition is a perfect next step to scale our successful model for recruiting, training, and developing talent for the future of the tech industry,” said Jake Soberal, CEO and co-founder, Bitwise Industries. “Registered and accredited apprenticeship programs like those offered by Bitwise and Techtonic provide earn-while-you-learn training, addressing major income equality issues across the country and the growing demand for skilled technology workers.”
The acquisition is part of an “aggressive” growth strategy following Bitwise’s $50 million venture capital infusion a year ago. Bitwise has doubled in size and revenue since then, and has now trained more tan 5,000 individuals from underserved communities, 80% who have gone one to find technical employment, according to a news release.
The Bitwise apprenticeship model has created an aggregate of more than $285 million in wages mostly for women and people of color who would otherwise not have access to jobs in the tech industry, according to the release.
“Together, Techtonic and Bitwise Industries will have a larger impact on underserved communities, especially here in Colorado,” said Nicole Craine, CEO of Techtonic. “Both companies have a successful track record of providing relevant upskilling opportunities through accredited apprenticeship programs aligned to tech jobs for those who have been historically underrepresented. We are excited to join forces in support of our shared mission.”