The acquisition of Breadware Inc. to a long-time client, StoneAge Inc., was a fortunate, albeit stressful, time for our CEO, Daniel Price, and CCO, Danny deLaveaga.
“We signed the term sheet for the purchase, and then the whole world fell off a cliff,” Price said in a video interview with the NNBW. “So I was stressed to all hell throughout March as we were finalizing the details, because it felt like the whole deal could unravel.”
Ioterra started as Breadware’s online, platform division; as a small team worked on developing the backend and design of the marketplace, a larger team of engineers developed IoT products. Breadware moved to Reno, Nevada from Santa Barbara in 2017 and grew into a larger team of engineers and developed new offices in Los Angeles, CA and Bangalore, India. Ioterra came from the question: “How can we make IoT development easier?” While Breadware was expanding, Ioterra was launched in May 2019 that featured 30 engineering and design firms, over 40 solutions, and had articles from thought leaders in the IoT space.
Despite the Covid-19 pandemic, Stoneage Tools, a manufacturer of water-blast tools, was confident to continue with the deal. By doing so, Ioterra was able to emerge as an independent company.
“Ioterra is trying to tame it a little bit, put up road signs, put up clear categories, and really help buyers connect with the right technology partners.”
Read more from the original story: https://www.nnbw.com/news/renos-breadware-sold-to-colorado-company-owners-focused-on-spin-off-ioterra/
