6/27/19 Xpansiv to merge with CBL Markets - AlbuquerqueBusiness First
Software startup growing in ABQ announces international merger
Xpansiv, a growing software startup that recently announced plans to relocate the majority of its employees to Albuquerque, plans to merge with Australian commodities firm CBL Markets
next month.
"CBL's integrated exchange platform will provide a clear, regulatory-compliant pathway to market for Xpansiv's revolutionary technology and products," said CBL Executive Chairman Will Stewart in a prepared statement. The new entity will operate under the name Xpansiv CBL Holding Group.
As part of the agreement, CBL will acquire all Xpansiv common and preferred stock for the issue of new securities in CBL, according to a news release.
Xpansiv's technology digitizes information about the production of commodities. It is aiming to create a permanent ledger that allows users to track commodities through the supply chain and to market. Doing so could allow people to verify how the products they purchase were sourced. The company based its tech operations out of the Duke City in November and planned to begin adding to its 25-person staff in Albuquerque later this year, Business First reported in April. It had 48 total employees at the time, with corporate offices in San Francisco.
In January, Xpansiv closed a $10 million funding round led by investors including BP Ventures, Avista Development and S&P Global. The firm is headed by CEO Joe Madden and CTO Jason Libersky, who lives in Albuquerque. Its 8,000-square-foot Duke City office is located at 429 Commercial St. NE.
Libersky was unavailable for immediate comment.
CBL Markets, founded in 2009 and headquartered out of Sydney, Australia, is a market platform for buying and selling commodities with the goal of providing efficiency, transparency and liquidity to the environmental market. It announced what it called a "partnership" with Xpansiv and "pivotal development" of its technology.
It's unclear how the merger will affect Xpansiv's hiring plans.