An investment group led by Washington entrepreneur S. Tien Wong and U.S. Boston Capital has acquired Tech 2000, a Herndon-based e-learning mobile app and content management software.
Terms were not disclosed.
The sellers are George and Jeanne Churchwell, a husband-and-wife team who co-founded the business in 1992. The Churchwells will keep a minority stake in the company and remain as president and vice president, respectively.
Wong becomes chairman and chief executive.
Tech 2000 has 26 employees and annual revenue of nearly $10 million, according to a draft news release. The company is profitable.
Tech 2000 began as a traditional “books and classroom” corporate training business, with instructors delivering technology training from company-operated classrooms. It began migrating around 2008 into e-learning and later into mobile virtual training.
Wong, 51, is chairman of Lore Systems, a Silver Spring-based professional services company. He also is chairman of Opus8, a private investment and strategic advisory firm specializing in middle market buyouts and venture capital.
He co-founded and was chief executive of CyberRep until its acquisition in 2003 by Affiliated Computer Services.
Washington’s pet business is getting crowded.
Wagtime Pet Spa & Boutique opened on 9th Street NW in downtown Washington 12 years ago, and business is so good that the spa has expanded.
They opened Wagtime Too in Southeast Washington eight months ago, which serves the growing Navy Yard/Nationals Park community as well as Capitol Hill.
The company has a “Wag mobile” to pick up dogs and has “valet barking” from 7 to 10 a.m., in which Wagtime staffers fetch the dogs from waiting cars to avoid double-parking and tickets. Daycare costs between $25 and $35 per day; overnight boarding runs $45 to $55 per night. About 150 dogs are babysat every day at Wagtime NW, and about 80 a day at the Southeast location.
Wagtime was founded by Ofer Khal and Lisa Schreiber, a husband-and-wife team that began with a dog-walking business.
Most of Wagtime’s clients are young couples or singles, many in their late 20s to late 30s, Schreiber said. The business is profitable.
“The people work so many long hours, and these pets are their kids. Besides that, it’s very trendy to bring your dog to day care. It’s a combination between Yuppies who want to be trendy and young professionals who work long hours and need help caring for their dog during the day,” she said.
Wagtime employs 70 to 75, and offers cage-free boarding, professional grooming, a pet boutique, dog walking, cat sitting and pick up and drop off of pets and essentials.
Wagtime fosters more than 30 dogs between both locations for the Washington Humane Society, as well as serves local area rescue groups.
Chicago-based ParkWhiz, the online parking reservation site, is expanding in Washington and Baltimore. The company last week added 20 new parking locations in Washington and another 20 in Baltimore, lifting the number of total locations in the Baltimore-Washington market to around 90.
ParkWhiz will have around 2,500 spaces under contract in Washington, including around 500 spaces in and around Nationals Park.
“D.C. is one of our top markets, and it’s one of the most expensive parking markets in the country after New York, Boston and San Francisco,” ParkWhiz chief executive Aashish Dalal said. “It’s a very attractive market, there is lots of congestion.”
Where there is congestion and expensive parking, there is money to be made. “What it creates is a higher average selling price. From a consumer perspective, if they are paying $40, they want to make sure they are getting their money’s worth. Our business is based on being able to supply those spaces. We are targeting markets like New York, San Francisco and Washington, where price and congestion ar the top two concerns for consumers,” he said.
Sweetgreen, Washington’s organic, farm-to-table salad shops founded by three Georgetown University graduates, is opening two locations in McLean. The first will be at 6707 Old Dominion Dr., followed by another location at Tysons Galleria. The chainlet now has 20 locations between Boston and Virginia.
Richmond-based car retail giant CarMax is hiring 60 positions for the company’s 20,000-square-foot-store in Brandywine.
The store, CarMax’s sixth in Maryland, opens Nov. 2.