Lullabot, Inc. (Lullabot or the Company) is pleased to announce the transition to employee ownership by becoming a 100% employee-owned company through the sale of stock to a newly created Employee Stock Ownership Plan (ESOP). Atlantic Management Company, Inc. (Atlantic Management) served as independent financial advisor to the trustee of the ESOP.
Founded in 2005 by Matt Westgage and Jeff Robbins, Lullabot was created with the initial goal of helping great organizations do big projects with Drupal. Drupal is an open-source content management software used to develop many of the websites and applications that the world uses every day. A pioneer within the Drupal services ecosystem, over the years, Lullabot has created some of the most high-profile and award-winning websites for large-scale publishers.
While originally known for its Drupal programming services, over time Lullabot has diversified its service offerings in an effort to accommodate the adjunct needs of its clients. By doing so, the Company not only fulfilled demand gaps, but also enhanced the customer value proposition. Lullabot’s multidisciplinary versatility make it a complete concept-to-launch company, as the team is able to seamlessly step in at just about any stage of a project and add value accordingly.
“We are proud to have been a part of this transaction,” said John Murphy, President of Atlantic Management. “The Company’s energy and enthusiasm speaks volumes for the type of culture that the selling shareholders have instilled and we are excited see the employees take the Company to its next step.”
Founded in 1968, Atlantic Management is a leading financial and transaction advisory firm that provides business valuation, ESOP and merger and acquisition services for privately owned middle market companies from its offices in Portsmouth, New Hampshire and New Orleans, Louisiana.