Alabama firm acquires Tampa tech company

A Tampa-based software company founded by three USF graduates has been acquired by Thompson Holdings Inc., an employee-owned parent company for a family of firms in engineering, architecture, infrastructure and disaster response. 

Sourcetoad began operating as the third independently run subsidiary of Mobile, Alabama-based Thompson Holdings Inc. on Jan. 1, according to a release. The company’s other subsidiaries include Thompson Engineering, Watermark Design Group and Thompson Consulting Services. 

Founded in 2008, Sourcetoad is a software development consultancy and technology firm that designs and develops custom, cross-platform applications and software for businesses using AI, automation and custom digital tools. Bringing Sourcetoad under the Thompson Holdings umbrella will allow it to leverage technology and innovation for the benefit of all its companies, employees and clients, the release says. 

For Sourcetoad, it’s an opportunity to continue scaling up its 60-person firm from its Tampa headquarters while also giving its employees an ownership stake through an employee stock ownership plan, or ESOP. As a parent company, Thompson Holdings also provides corporate services, ESOP governance, and capital investment strategies for its subsidiaries, the release states. 

“Thompson Consulting has been a client for several years so there’s a level of familiarity and comfort as we embark on this adventure,” Sourcetoad President Greg Ross-Munro said in a post to the company’s website. “What we’re most excited about is collaborating more closely with people we’ve come to know over the past several years and joining them as employee-owners of a respected, growing family of companies.”

Sourcetoad’s leadership team and employees will remain in place with the acquisition, the release says. The move will provide long-term backing for Sourcetoad through an employee-owned organization seeking to grow its presence across the Southeast and Florida. 

“By bringing Sourcetoad onboard, we’re diversifying our businesses and opening up strategic opportunities for technology to positively impact our companies and operations while simultaneously creating opportunities to introduce Sourcetoad to existing clients,” Chad Brown, CEO of Thompson Holdings, says in the release.