The custom software development company Metova was purchased by its management team and will relocate from Franklin, Tennessee, to Bentonville.
The company, founded in 2006, will move into the Ledger, the 230,000-SF building that recently opened off downtown on South Main Street. The new owners, led by CEO Josh Smith, bought Metova from the private equity firm Lightview Capital of Summit, New Jersey, which had acquired Metova in 2018; financial terms were not disclosed.
“The Metova team is well-positioned for growth as a result of this acquisition,” Smith said. “This enables our team to focus on expansion, while also giving us the opportunity to increase our commitment to the state of Arkansas.”
Metova has offices in Fayetteville and Conway. The company said relocating its headquarters to Bentonville will allow its executives to be closer to the Arkansas technology industry and help with recruiting employees and fostering partnerships.
“We couldn't be more excited to have Metova establish their headquarters in Bentonville," Arkansas Gov. Asa Hutchinson said. “Metova has already been a valuable member of the Arkansas community for nearly a decade, supporting our local startups, our computer science initiatives, coding academies, and establishing local intern programs and career opportunities for college students in Arkansas.”