Thursday, June 21, 2018
Business

Tampa's Tribridge acquired by Virginia technology company

TAMPA — A Virginia technology company called DXC Techology has acquired Tampa-based Tribridge, a fast-growing cloud computing firm.

"We are excited to become part of a global company with a shared vision, and look forward to continuing our growth trajectory with DXC Technology," Tony DiBenedetto, Tribridge co-founder and CEO, said in a release Wednesday morning.

Related coverage: Tribridge to add 200 IT jobs in Tampa by 2016

DXC Technology is a Fortune 500 company that specializes in IT services.

Tribridge is one of the larger private companies in the region, reporting $168 million in revenue for 2016, up 16 percent from its 2015 posting of $140 million.

The deal underscores how difficult it is for Tampa Bay to keep local ownership of IT companies as they become more successful. Earlier this year, myMatrixx, a Tampa-based workers' compensation pharmacy benefits firm, was bought by Express Scripts.

It's unclear how Tribridge CEO Tony DiBenedetto's role will be affected by the acquisition. DiBenedetto has been active in the tech community for some time. He co-founded the Tampa Bay Technology Forum, and served as chair for the Tampa Bay WaVE, a local tech startup incubator. He has also spoken about the importance of supporting the local tech community.

Tribridge received $1 million in government subsidies in 2014 to add nearly 200 jobs. The incentives package came from the state — $800,000 — and Hillsborough County and the city of Tampa — $200,000.

At the time, Tampa Mayor Bob Buckhorn lauded Tribridge as "a Tampa success story."

Its significant growth early on landed the company at No. 55 on Inc. magazine's 2013 list of the top 100 job creators in the country. Tribridge's cloud computing division's saw explosive growth, expanding by over than 100 percent from 2011 to 2014.

Financial terms of the acquisition were not disclosed. DXC Technology operates in 70 countries. Tribridge has 740 employees, 350 of whom are in Tampa.

Contact Malena Carollo at [email protected] Follow @malenacarollo on Twitter.

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