Claris Networks buys local firm SRC

Claris Networks buys local firm SRC

September 8th, 2011 by Carey O'Neil in Business Around the Region

A multimillion dollar cloud computing company expects to generate millions more in local revenue after acquiring a Chattanooga business tech supplier Tuesday.

Claris Networks, a Knoxville-based information storage supplier, bought SRC Technology Solutions for an undisclosed amount. The purchase more than doubled Claris' Chattanooga staff from three to seven, and the company expects to quickly grow along with what CEO Larry Bodie said is a thriving industry and quickly growing city.

"Chattanooga is the place to be," he said. "We want to have a major, major presence."

Claris' Knoxville operation has about 50 employees and had $7.1 million in revenue in 2010, according to Inc. Magazine, which ranks the fastest-growing businesses in America. That's a 25 percent increase over its 2007 revenue of $5.6 million.

Bodie said that with the business of storing data in the digital cloud booming louder than thunder in the real ones, he expects growth in Chattanooga. Claris is projecting between 25 percent to 30 percent annual growth on a projected $3 million in revenue this year.

Donnie Hutcherson, whose accounting firm sold SRC, said the good news for the businesses is also good news for their customers. Claris' experience and more extensive resources should benefit SRC's customers.

"They view it the same as we do," he said. "I call it a one plus one equals three situation."