Malvern-based 2X has made a major move in the artificial intelligence space, acquiring Virginia startup Knownwell in a deal that values the combined company at $400 million, reports Ryan Mulligan for the Philadelphia Business Journal.
The transaction marks the sixth acquisition 2X has completed in three years.
Founded in 2017, 2X built its reputation on go-to-market services, helping businesses sharpen their marketing campaigns, content, technology, analytics, strategy, and coaching.
Its growth has been relentless as founder Domenic Colasante said the company has now posted 32 consecutive quarters of revenue growth, with revenue increasing nearly 400 percent between 2021 and 2024.
Knownwell, founded in 2022, uses artificial intelligence to give companies sharper insights into their customers and operations, and it has reported 350 percent revenue growth over the past year.
The deal reshapes 2X’s leadership. Knownwell CEO David DeWolf, who has served on 2X’s board since 2023, takes over as chief executive of the combined company, while Colasante transitions into a strategic adviser role. Its headquarters will stay in Malvern, where they aim to grow staffing and office space in the years ahead.
No layoffs are planned. In fact, the company hopes to accelerate hiring, with the demand for what they call “go-to-market engineers,” a new breed of professional who uses marketing expertise and software development skills.
Additionally, DeWolf sees the acquisition as a bet on human-AI collaboration, not a race to replace one with the other.
“Too many companies are trying to go at it alone with one or the other,” he said. “We believe the power and the future is in the combine, and there’s no business that’s cracked that, not yet.”
Learn more about the acquisition and 2X’s plans for growth in Malvern at the Philadelphia Business Journal.
_______
