SRAM Acquires Spearfish, South Dakota-based Quarq Technology, Inc.,
International bicycle component manufacturing company SRAM http://www.sram.com/ has acquired Quarq Technology, Inc. http://www.quarq.com/ , based in Spearfish, SD. Quarq, the brainchild of Dakota Rising Entrepreneur Fellow Jim Meyer, was created in 2006 when Meyer couldn’t find a bicycle power meter that met his requirements. So he invented his own.
Meyer, CEO of Quarq, was a teenager tinkerer who worked in a bike shop. Accepted to graduate school in Mechanical Engineering at MIT, he worked on hybrid car technology, then did his thesis on racecar data acquisition. After inventing his power meter, Meyer realized that his background in bicycles, engineering and data was a good fit, and Quarq was born. The company started shipping production units in June of 2008. In 2009, Quarq sponsored Cervelo TestTeam, a professional cycling team led by Tour de France winner Carlos Sastre.
In announcing the acquisition of Quarq, SRAM pointed out that Quarq has become recognized as a leader and innovator in the design and manufacture of power meters, measurement devices and related accessories for the bicycle industry.
"We are looking forward to the opportunities that this partnership represents for further innovation and integration of bicycle components and power measurement," stated Stan Day, CEO of SRAM. "Quarq’s growth has been impressive and their technology and product base are strong. Power measurement represents a rapidly growing segment of the cycling market and we are very content to have partnered with a leading brand in Quarq, and a technology pioneer in Jim Meyer."
Jim and Mieke Meyer, the founders and leaders of Quarq, will continue to direct Quarq operations, SRAM announced. In addition, order processing and customer service for Quarq products will be continue to be handled through their existing channels and Quarq’s manufacturing will remain in Spearfish, SD.
"We have had wonderful success to date and are very excited about joining forces with SRAM," Meyer said. "SRAM has a long history of innovation and is a natural fit with Quarq. We look forward to further pushing forward power measurement technology."
In 2009 Meyer was selected as one of the first eight Dakota Rising Entrepreneur Fellows. Meyer and the other Dakota Rising Fellows each received a $10,000 Fellowship award and engaged in peer support through the Dakota Rising Cohort Process. Dakota Rising Fellows also benefit from access to mentors and technical assistance.
"The acquisition of Quarq by one of the largest and most respected bicycle component manufacturers in the world shows the power of South Dakota ideas and South Dakota’s entrepreneurial community," said Beth Davis, president of South Dakota Rural Enterprise, "We’re proud of the success of Quarq and congratulate Jim and Mieke Meyer."
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